Taylor Scott International News
Three out of four people in Ireland expect house prices to rise over the coming year according to a new property consumer sentiment survey. Some 20% of those surveyed said they expected prices to remain static while just 4% said prices will fall, according to the research from property website MyHome.ie. One in four of those surveyed said they planned to purchase a property in the next 12 months while just under a third said they had no plans to purchase a property and 41% said they were undecided. While the largest proportion, 47%, said house prices would increase by up to 5%, some 25% said they would increase by between 5% and 10% while 4% said they would increase by more. According to Angela Keegan managing director while the findings reflect growing consumer confidence, it was clear the Central Bank’s new lending rules were having a major impact on the market. She pointed out that 51% said the planned Central Bank review of its lending rules would make them consider holding off on a purchase for the time being while 28% said they didn’t have the funds to pay a deposit. ‘When we asked people for the factors which they believed would influence participation in the housing market, over 40% said lowering the deposit required, 38% said more stock coming on the market and 35% said confidence in the overall economy,’ she explained. ‘So really these figures support what we are hearing from estate agents on the ground. First time buyers, particularly in Dublin, are struggling to meet the new deposit and 3.5 times loan to income ratio laid down by the Central Bank last year. In the survey 13% of respondents said their application for a mortgage had been refused, which is quite high,’ she added. She believes that while the CBI measures were necessary to curb runaway inflation the supply part of the equation has continued to deteriorate and this has led to an increase in rents and the first priority of the new government should be to address this issue before putting a comprehensive housing plan in place. The research also shows that three bedroom houses remains the most sought after property type at 47%, followed by the four bedroom at 33% and the two bedrooms at 17%. Almost half of respondents, 45%, said that a garden was the most important feature in a home, followed by 22% opting for an open plan kitchen on 22% and 20% off street parking. The preference for a second hand house versus a new build was two to one. Proximity to schools or crèches was the most important amenity for 27% of respondents, followed by good public transport network for 23% and proximity to extended family for 18%. Taylor Scott International
Taylor Scott International, Taylor Scott
