Saturday 20 April 2019

Buyers say prices of their ideal homes are increasing

Stock photo
Stock photo
Charlie Weston

Charlie Weston

The majority of prospective home buyers see prices rising for the type of home they want, a survey has found.

Those in the market to buy say that it is harder to find a suitable home to purchase than a year ago. More than half of those surveyed think it is harder to find a home to fit their needs, while 18pc think it is easier.

However, concerns about spiralling house prices have eased, according to the KBC Bank homebuyer sentiment survey, which reported that the strong demand is being driven by changes in personal circumstances.

Potential first-time buyers are reaching a stage in life when they want to stop renting, with growing families another factor which is pushing up the demand from purchasers.

According to the study, for which Cere Research questioned 2,000 people, there are 85,000 homebuyers in a position to buy immediately.

This means that there is an effective backlog of unsatisfied demand equivalent to about a year-and-a-half worth of transactions, KBC said.

Responses to the survey were filtered to focus on those in the market to buy a home.

Some 66pc of those surveyed reckon prices are rising for the type of property they want to buy. However, this is down on the figure for last year.

Six out of 10 feel it is harder to find a suitable home to buy than a year ago.

KBC Bank economist Austin Hughes said the surge in housing demand reflected the fact that large numbers of people were in accommodation that no longer meets their needs.

Many of those surveyed have reached a stage in life where they need to buy, while others cite changing family circumstances such as changes in household size.

Irish Independent

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