House buying looks set to continue despite the Covid-19 pandemic
Many expect house prices to fall less than 10% in the next year
Seven in ten prospective homebuyers say they’re still going to purchase a property, despite the Covid-19 pandemic.
A survey of more than 2,700 potential new home owners, by MyHome.ie, shows 71% are still confident about their chances of buying.
40% think prices will fall by less than 10% over the next year, while 13% expect they’ll fall by more than 10%.
Angela Keegan, Managing Director of MyHome.ie, says that’s changed significantly since the last survey three months ago noting “Last May when we surveyed we had 37% actually saying that they felt prices were going to fall by over 10%, this time when we did it at the end of August we had literly 13% of prospective buyers believing that house prices were going to fall over 10%, I think’s because they’ve been active in the market, they’ve experienced the market”.
Meanwhile, if all the planned purpose built student apartments are built, there’ll still be a deficit of over 20,000 units in ten years time.
That’s according to a new report by Daft.ie which has also found that student rents are largely unchanged this year, despite the pandemic.
The average cost of a shared room in Dublin is €680 and €462 elsewhere in the country.
The report’s author Ronan Lyons expects demand for student accommodation to skyrocket in the years ahead saying “”e know how many 18 to 21 or 22 year olds there will be in six years, eight years, ten years time and we know roughly how many purpose built student accommodation units they’re going to need, there’s a huge shortfall already, there’s a shortfall of about 20,000 and despite all the plans that are there, even if all those plans came good for new student homes, that shortfall will grow to 23 or 25,000 in ten years time”.
