House hunters expect to pay €335,000 to get dream home
People planning to buy a home over the next few years expect to have to pay an average of €335,000.
This is €74,000 more than the average cost of a home at the moment, according to a survey commissioned by Dublin-based Lotus, a firm that loans to developers.
The survey, conducted by Red C, found that people think property prices are inflated but are still willing to spend more than the average value of a property to get their dream home.
Six out of 10 expect to either move or buy for the first time, according to the survey of 1,000 people.
Four out of 10 said that they definitely won't be purchasing any property.
Chairman of Lotus David Grin said people believe current property prices are inflated, but they are still willing to meet and exceed the values listed. He said many could be left disappointed as the supply of new homes and the numbers of second-hand properties falls way short of demand.
Of those who expressed a desire to buy, one-third plan to spend between €200,000 and €250,000. But another quarter expect to have to spend between €400,000 and €500,000.
"Supply issues have created a large gulf between aspiration and reality when it comes to home ownership. The top line headings are as you would expect - many people aspire to buy," Mr Grin said.
He said many want-to-be buyers were likely to be met with challenges as some will not raise enough money to do so as prices continue to rise, while others will struggle to find a property that suits their needs.
He said the construction of new homes had not nearly reached the level of output required.