A recent survey has shown 13 per cent of consumers would like to buy their first home within the next five years.
However, respondents to a survey conducted by iReach Insights on behalf of Aviva Insurance Ireland that polled 1,000 people nationwide revealed that 10 per cent of them did not believe it would happen in the next five years.
The Aviva survey found that 34 per cent of those aged 25-34 and 17 per cent of those aged 35-44 would like to buy their first home within the next five years. However, the majority of those surveyed have no plans in this regard.
78 per cent of those aged 18-24 are living with parents or family members, six per cent of those aged 35-44 and two per cent of those aged 45-54 are also living with a family member.
Home ownership is highest amongst those aged 55+ at 75 per cent, followed by those aged 45-54 at 24 per cent and 14 per cent of those aged 35-44.
Commenting on the findings, Billy Shannon from Aviva said: “Our latest research highlights the extent of the demand from consumers looking to get on the property ladder for the first time.
"Figures release by property website Daft.ie in early June confirmed that demand for housing across Ireland was up 17 per cent over the last 12 months, with the demand for new homes up by a staggering 114 per cent in May of this year compared to May 2022.
"The Central Statistics Office (CSO) said that 29,851 residential units were completed in 2022, a figure that all commentators agree is far below the numbers required to fulfil the demand."
