Buyers expect house prices to fall by 10%

More than one third of potential property purchasers expect prices to fall by over 10% in the coming year, according to a new survey from property website MyHome.ie.

The survey found that prospective homebuyers are still confident about their ability to buy despite the interruption to the market as a result of Covid-19.

It found that while 68% of potential buyers are planning to purchase a property within the next year, 37% expect property prices to fall by more than 10% in the next twelve months.

According to the survey, six out of ten respondents believe next year will represent a good time to buy property.

The survey of 1,981 people also found that 69% of respondents believe the Government could do more to help the property sector during Covid-19.

The virus is expected to have significant long-term effects, with 59% of respondents believing it will lead to more online processes in general to minimise unnecessary contact. Meanwhile, 21% believe it will lead to quicker sales processes in general.

When asked what factors would encourage them to buy a property now, 35% said more available housing stock; 33% said more overall confidence in the economy, and 33% also said an easing of mortgage lending rules.

Half of respondents (51%) believe online viewings and virtual tours are effective ways to view a property.

For more, read this week’s Connacht Tribune.

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