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New Survey from MyHome.ie shows 51% of respondents intend to purchase a property in the next 12 months

Key Findings:-

  • 51% of participants intend to purchase a property in the next 12 months
  • 52% of participants are currently "monitoring the market"
  • 48% expect prices to fall by less than 10% in the coming year
  • 31% expect house prices to remain static or rise in the coming year
  • 69% have funds in place to pay a deposit with 74% of those having saved the money themselves
  • 69% are looking to buy a 3 bedroom detached or semi detached home whilst only 11% are searching for an apartment
  • 37% of people unsure as to the impact of NAMA on the residential market

A new survey of over 1200 people, conducted during October by leading property website MyHome.ie, has revealed that a majority of those surveyed are currently taking a "watching brief" on the market, with 52% of respondents describing their participation as "monitoring the market" but that 51% of respondents intend buying a property within the next twelve months.

With regard to peoples future expectations of house prices, 31% of respondents hold the view that prices will either remain static or indeed rise slightly over the course of the next twelve months, with a further 48% expecting prices to decline moderately, by less than 10%.

Only a small proportion (7%) of participants expect prices to fall by 15% or more in the coming year. When asked what was influencing their participation in the property market, 23% of respondents said the availability of suitable property was influencing their decision making, a greater percentage than the 20% who cited the state of the economy as the primary driver.

The survey highlights the fact that many people are in a position to purchase with 18% of participants having mortgage approval and a further 11% actively seeking a mortgage approval. Only 3% of those surveyed had been declined a mortgage offer. Over two thirds of participants (69%) have funds in place to pay a deposit should they decide to buy, and of those people, 74% had saved up the money themselves.

The survey gives an insight into the search methods and requirements of those people looking to buy in the present climate. Apartments appear to be out of favour at the present time, with only 11% of respondents looking for one or two bedroom apartments whereas 26% were searching for three bedroom semi-detached homes. A further 21% indicated they were in the market for a three bedroom detached property and approximately one fifth (22%) were focused on the new homes market.

In addition the findings show that the public remain unsure as to the likely impact the creation of NAMA will have on the domestic residential property market. When asked their view of NAMA, 37% said they were unsure as to the impact NAMA will have on the market, 32% felt it would have a long term positive impact and a further 18% thought it would have a long term negative impact.

Finally, the survey confirms that the internet remains the favoured search method for people looking to buy property in the current market.

     
Yvonne Mullaney - Executive Sales & Lettings, 3rd Floor, Dockgate House, Galway City Centre
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