Most people in Ireland think prices will rise in next year amid affordability concerns
Over 60% of people in Ireland expect house prices to rise by 5% or more in the next 12 months but the majority believe that the Government should be doing more to address the current housing crisis.
Some 42% expect prices will rise by up to 5%, while 18% believe they will rise by between 5% and 10% while 4% expect them to rise by over 10%, according to a new property consumer sentiment survey from property website MyHome.
The poll also found that 20% believe that residential property prices will remain unchanged while 15% expect them to fall.
But many think not enough is being done at a Governmental level with 93% indicating that more policies are needed, including the construction of more social and affordable homes.
When asked what other measures the Government should take, respondents said there should be increased levies on vacant properties and sites, while vacant properties should be purchased by compulsory order.
In addition the research found that 40% said they expected to buy a new home in the next 12 months, with 34% saying they were undecided and 26% saying they had no plans to buy.
According to Angela Keegan, MyHome’s managing director, the findings reflect a widespread dissatisfaction with the Government’s handling of the housing crisis. ‘Given that the Taoiseach has already said the Government would be judged on how it deals with the housing crisis, the fact that the overwhelming majority of people believe they should be doing more, should be a concern,’ she said.
According to the survey 31% of first time buyers were aged between 25 and 30 while 29% were in the 31 to 35 age group with a further 16% in the 36 to 40 age group. Yet 72% said the biggest challenge they faced was finding the right property, while 17% said it was meeting the required deposit for a new home. While two thirds of first time buyers were renting, a third were still living at home.
Asked what were the most important features when it comes to buying a home, being close to a good network of public transport was the number one priority by most respondents, ahead of proximity to shops with schools in third place.
When it comes to house type, the three bed is the most popular while twice as many people want to buy a second hand home as opposed to a new one. The garden is the most important feature of a home for most people followed by an open plan kitchen and off street parking, the poll also found.