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OVER FOUR IN 10 prospective homebuyers have said they have postponed buying a property due to the cost of living crisis.
Property website MyHome.ie has published a survey today which revealed that just 5% of people believe the Government is currently doing enough to help the market.
Over a third (36%) of prospective homebuyers believe that a change in Government would be a good thing for the property market.
Just 21% of people did not agree that a change in Government would be a good thing for the market, with 43% neither agreeing nor disagreeing.
A total of 78% of respondents said they were worried about the state of the property market in general, while just 13% believe the next year would be a good time to buy.
Limited supply is an ongoing issue, with 78% of people 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.
Sinn Féin leader Mary Lou McDonald raised the MyHome.ie report during Leaders’ Questions in the Dáil this afternoon.
McDonald noted the report’s findings that almost half (44%) said that the cost of living crisis has meant they have had to postpone a purchase.
Addressing Taoiseach Simon Harris, she said: “Your Government’s failure to deliver the affordable homes needed to rent and buy is at the heart of the problem.”
The Sinn Féin leader said it has “nevery been harder for people to buy their own home” and blamed Government policy.
Harris said that he knows homeownership “can still feel out of the reach of many”, addign that the Government is “working day and night to change that”.
Hitting back at Harris, McDonald went on to say she has never seen “housing needs so desperate”.
“It seems that we have a Government that is utterly delusional, either that or just deeply dishonest, because you are not delivering, at pace and at scale, the affordable homes that young people in particular, and families more generally, need to purchase,” she said.
Harris said the Government is “going to deliver record supply this year”, adding that 12,000 homes have commenced this year.
The MyHome.ie survey also found that almost half (45%) of respondents, however, said they would not wait for an interest rate cut before proceeding with a purchase, and nearly two-thirds (63%) saying they had finances in place to buy a home.
Over half (57%) are looking to secure a mortgage term of over five years and nearly three-quarters (73%) will look to secure a fixed-term mortgage.
Respondents still believe there is scope for more price hikes, with 53% saying they believed the price of homes would increase in the next year.
A total of 2,223 people were surveyed in April and May of this year for the MyHome.ie survey.
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and yet, as a private individual who has the drive and the foresight to provide (build) a house for yourself, all the State wants to do is stop you, and block it (Planning restrictions etc). It’s almost as if the Govt have an interest in keeping the crisis going…
@John Moylan: we need compliance in the planning, if not you have people adding roof top jazuzzis and cinemas in ugly houses. Planning must be strict.
@Sean Money: So it’s ok to build modular homes on public land with no planning laws being enacted if that is the case this needs to be challenged as they are using public land to build illegal houses.
Using the death of the celtic tiger as an excuse to create legislation to allow vulture founds turn homes into commodities should follow Michael Nonans family thro
@Robert Halvey: through history as a betrayal of ireland like the haughty thief and dev coward ,
@Robert Halvey: FFG have wasted ten years doing nothing to alleviate the Homelessness/Housing Crisis so voting for either in the next general election would only worsen the current situation considerably.
@Frank Cauldhame: realistically it was FG that did nothing from 2011 – 2020…. The cynic in me is that it was more in their interests, and the banks, to do nothing to get development going again so prices could rebound and huge mortgages were needed again. Big mortgages mean big profits. Developers sitting on land also benefited as there’s more profit for them too. And I’m sure most TDs had houses (some multiple) and wanted them to gain value again. That inaction will take decades to resolve, and will mean so many citizens will have a degraded lifestyle because they’ve had to take out massive mortgages when they shouldn’t have had to. Renters and RIETs is another F up
Well said only quibble I have is that FF were responsible also in that they led us into the bank bailout and partnered FG from 2016.
Ireland collected approximately €88.1 billion in tax revenue for 2023, And yet we have vulture funds buying up homes, and our national health service in a state compeered to private health sector. The answer can only be it’s by design. To count to 1 billion would take 31 years without sleeping, if you start now, ( just for prospective )
@087 bed: you lost all credibility with the misspell to finish
@Edward Vanderlee: Good lad, you get a gold star.
@087 bed: Yes, but we have to service a debt of 280 billion from the 2008 crash. Maybe we should do what the US does and ignore it. I believe their debt is about 30 trillion.
Ah hazard I have voted in every election since I was 21 and only once gave sf a second preference once , I am a company director that has never voted ffg , Because I know what they are . But a bit of news for you I will give sf a vote in the upcoming elections.
The government knows exactly what it’s doing, looking after their friends and bankrollers, and not a thought to the people they’re richly paid to serve!
Department of Local government has no say in Local government! Hahaha
Government relying on private developers to build social housing never going to work. Hopefully the LDA will change that but will take at least 10 years before that will be running properly. Then you have a completely flawed planning system…… meh
@Mark Gaffney: The LDA has been loaded with people who have connections to Developers & Political parties, it won’t be long before we hear of some controversy breaking about it, where someone makes off with the mullah, but nothing can be done about it.
The ffg bots are out in numbers as the dark side is threatened, The force of change if managed properly can really be a good thing, A simple few things like a universal tax rate for indigenous and non indigenous companies ,Irish citizens using our brains instead of our habits to vote. And a simple few realisations ffg are tories who pretend to give a s t and we a world economy and being part of Europe is a good thing
@Robert Halvey: no one with a functioning brain would vote for Spin Fein
@Pat Hazzard: Not a fan of the auld democracy thing then ‘Pat’ …
@Pat Hazzard: Yet it was the government who setup their own spin department, funny that.
Can we introduce an NCT for governments, just like we do for cars, and houses rented out via HAP? If the government fail in their job, they’re not permitted run in the next general election.
Had to move up North to get a home , lucky to get a lovely place at a reasonable price ,Irish Government should be ashamed of themselves.
Michael Noonan’s legacy. He surely was a leg end in his lifetime!
You’d nearly like to see SF get in so you wouldn’t have to hear Mary Lou complaining every day in that disrespectful manner.
@Seamus Balfe: not if you value jobs and democracy
@Seamus Balfe: She’s complaining because nothings changing and the only disrespect that’s coming is from the government to the people trying to buy a house, stuck in A&E’s for days, having kids much needed ops cancelled etc etc.
@Marcus Suridius: SF are in government in the North and getting a £10 billion subvention from the UK. The health service and housing crisis is as bad there if not worse than here. lough Neagh is heavily polluted. Okay vote for change -a change for worse.
I don’t understand what it’s all about. Every town and village in Leinster is currently being built over. May be other parts of the country are different.. but where can you get a tradesman today ? I feel sorry for all those waiting but I don’t think any government can do much to help things.
Very simply, the current Coalition & previous Govt have failed the young people of Ireland. Young working Irish people & I have 2 of them living at home with me, as they can’t afford the exorbitant rents & realize they will never be able to buy a home & are very very angry, they watch then as we dish out PPS No’s, Social Welfare, Medical Cards, Student Grants that exceed what Irish students can get, Accomodations with all utilities paid for & Daily Allowances, given to the thousands now arriving weekly here. Are the political class, both Govt & Opposition that stupid that they can’t see the despair, frustration & anger amongst working Irish people. I see only extreme actions as been the way forward or else nothing will change. Cop the fuk on now before the people explode & take action.
Mary Lou the great pretender
@Tim & Emer Brennan: Not going to be any different unfortunately, the Hate Speech legislation, the Referendums & their Immigration policies are just the same as FFG, anyone believing they will be different has been sold a pup.
Imagine all the homes that could have been available if mary Lou and her minions didn’t live in mansions and her army councillors directors hadn’t blown up people’s homes.
Sinn Fein the great whichever way the wind is blowing still no condemnation of her friend’s in Hamas
@Tim & Emer Brennan: this is a good point. I was going to vote for them until their conference and the shenanigans with Palestinians flags, supporting the terrorism after what they did. I don’t know who to vote for now.
@Tim & Emer Brennan: Except that isn’t true now is it.. ever get bored of lying.. ? https://www.irishtimes.com/world/middle-east/2023/10/09/sinn-fein-leader-mary-lou-mcdonald-condemns-hamas-attack-on-israel-as-truly-horrific/
Plenty of building going on around the country
@Sunglasses Ron: Lego doesn’t count
@Frank Cauldhame: you’re still playing with Lego?
@Sunglasses Ron: I’ve just completed the Millennium Falcon, great hobby for folk of all ages. Give it a lash !
Vote for those that will eject the vultures and the politicians that have allowed it.
They didn’t treat it with the urgency it required. The problem is SC probably won’t do much different if elected other than pay lip service to the problem.
spelling in this article is beyond bad. thankfully the Irish are educated. The problem seems to be with the illiterate who report on such issues
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