· 68% of
potential buyers are planning on purchasing a property in the next year
· 37%
expect property prices to fall by over 10% in the next year
· 69%
believe the Government could do more to help the property sector
- 59% believe Covid-19 will lead to more online processes in general in the long term to minimize unnecessary contact
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Prospective homebuyers are still confident about their ability
to buy despite the interruption to the market as a result of Covid-19,
according to a new survey.
The survey, from leading property website MyHome.ie, suggests
that 68% of prospective buyers are still planning on buying a new property in
the next year. This correlates with a general expectation that prices will
drop significantly – with over a third (37%) believing prices will drop by
over 10% in the next 12 months. Six out of ten respondents believe next year
will represent a good time to buy property.
The survey of 1,981 people also found that 69% of respondents
believe the Government could do more to help the property sector during
Covid-19.
The virus is expected to have significant long-term effects,
with 59% of respondents believing it will lead to more online processes in
general to minimize unnecessary contact. Meanwhile, 21% believe it will lead
to quicker sales processes in general.
When asked what factors would encourage them to buy a property
now, 35% said more available housing stock, 33% said more overall confidence
in the economy, and 33% also said an easing of mortgage lending rules.
Half of respondents (51%) believe online viewings and virtual
tours are effective ways to view a property.
Source My home.ie .
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