Over a third of prospective homebuyers believe that a change in Government would be a good thing for the property market, while just 5 per cent believe the current Government is doing enough to help.
According to the latest MyHome.ie survey, 78 per cent of respondents said they were worried about the state of the property market in general, while just 13 per cent believe the next year would be a good time to buy. Of the of 2,223 people surveyed in April and May, 44 per cent said that the cost of living crisis has meant they have had to postpone a purchase.
Limited supply is an ongoing issue, with 78 per cent saying that they had to look beyond their top location choice due to supply concerns, and just 19% saying there is enough supply on the market to secure a suitable property.
Meanwhile, 57 per cent are looking to secure a mortgage term of over five years and nearly three-quarters 73 per cent will look to secure a fixed-term mortgage.
Respondents still believe there is scope for more price rises, with 53 per cent saying they believed the price of homes would increase in the next year.
Joanne Geary, Managing Director of MyHome.ie, said: “Taoiseach Simon Harris has pledged to build 250,000 homes by 2030, but after a decade of insufficient construction activity, it is perhaps understandable that people are wary of the Government’s promise to deliver the amount of new homes we need to properly address our supply issues.”
She said that only sustained homebuilding would lead to a meaningful improvement in property market sentiment. “If the Government can facilitate a decent period of uninterrupted construction activity, this would make a huge difference around the country and sentiment would likely improve as a result.”
