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 minimise 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.
Angela Keegan, Managing Director of MyHome.ie, said that the findings reflected the pent-up demand that was evident in the market.
“Even though Covid-19 has essentially frozen the market, this survey shows that prospective buyers are still confident about their ability to purchase in the coming year, possibly driven by an expectation of falling prices.
“For now, it is crucial that construction is allowed to continue without interruption, as it is clear that supply issues are still a significant concern for people. One element of good news for the market is that most people are receptive towards online viewings as well as innovations such as real-time property viewing platform MyHome Live, which have quickly become of critical importance in the current environment.”
