Two-Thirds Of First Time Buyers Will Buy In Next 12 Months

Almost two thirds of first time buyers intend to buy a property in the next 12 months – an increase of 13% since February – according to a new survey by leading property website MyHome.ie

Almost two thirds of first time buyers intend to buy a property in the next 12 months – an increase of 13% since February – according to a new survey by leading property website MyHome.ie

But over a quarter of them (27%) say they will buy in the next three months in order to take advantage of the increased mortgage interest relief measures which are available to buyers up to the end of the year.

Angela Keegan, Managing Director of MyHome.ie described the findings as encouraging and said it underlined the importance of the mortgage interest relief measures. She urged the Government to extend the tax relief measures which could be worth over €20,000 to a couple buying their first home.

“We are seeing more transactions now and that is a positive as the market starts to recover. However we don’t want to see a situation where people feel rushed into buying a property. Eighty eight per cent of respondents to this survey believe the mortgage interest relief measure should be extended and we would support that call and urge the Government to support hard pressed consumers and extend it for another year.

The other key issue is access to finance. Our survey shows 75% of first time buyers have a deposit and want to buy a property, but almost 60% of respondents believe financial institutions are not lending at present, so access to finance continues to be a major issue, as does uncertainty over the forthcoming property tax” Keegan said.