Half of respondents agree that the home-buying market is more competitive now than it was before Covid-19 emerged
47% of prospective homebuyers think prices will rise by up to 10% in the coming year, according to a new survey from property website MyHome.ie.
A similar survey carried out last November, showed that just 26% of respondents said the same, while only 15% agreed with that sentiment last August.
The most recent survey of 2,521 people shows that housing stock is the most important issue facing prospective buyers, with 50% saying more stock on the market would encourage them to buy now.
Most respondents think the Government needs to intervene, with 78% saying politicians could do more to help the property sector.
Meanwhile, the findings show that prospective homebuyers have largely not been impacted by Covid-related job losses and income drops.
59% of respondents have been able to save more money for a deposit since the onset of Covid-19 last year.
According to the survey, half of respondents agree that the home-buying market is more competitive now than it was before Covid-19 emerged – just 16% disagree with this statement.
Looking ahead, 40% of respondents believe the next year will represent a good time to buy property.
That figure is down from 49% last November.
Angela Keegan, Managing Director of MyHome.ie, said that the findings reflect the reality in the market.
“We have seen commencements fall by 30% in 2020 compared to the year before, while second-hand stock coming to the market has fallen by 50% in the first two months of 2021 compared to the same time period in 2020.
Ms Keegan said that the earlier a Covid-19 vaccine could be approved and distributed, the better for the market.
“Above all else, we need to deal with the pandemic in order to get the construction sector back working, improve vendor confidence, and redress the imbalance between supply and demand,” she said.