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Bank of mum and dad still key for buyers

 

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Austin Hughes, chief economist at KBC Bank

Austin Hughes, chief economist at KBC Bank

Austin Hughes, chief economist at KBC Bank

Two in five first-time buyers expect to receive money from family members in order to get on the property ladder, according to a survey from KBC Bank.

Of these, around a third of would-be home buyers plan on getting more than half the cost of the deposit from relatives.

Elsewhere, as the coronavirus pandemic increases economic uncertainty, some 58pc of respondents think it is harder to buy a home now than a year ago.

The analysis found that demand for homes should recover to "solid levels," post- Covid-19. In the immediate aftermath of coronavirus, demand may be softer, however the nature of the lockdown has emphasised the importance of accommodation that meets varied needs.

In addition, most prospective buyers cite personal circumstances rather than macro- economic conditions as the key driver of purchasing plans.

Irish Independent