New research shows major shift in attitudes to homeownership
A survey by PTSB has found the majority of people believe house prices are only going up, and they're struggling to save for a deposit, with a huge reliance on family support.
46% of people who are in the market to buy a house are now considering applying for social housing due to affordability concerns.
This rises to 61% of 18-24-year-olds.
Over a fifth of people say they're considering social housing for the first time because the private home ownership market has gotten so challenging.
More than 2 in 3 strongly believe future generations will find it even harder to own a home.
1 in 3 of those in the market to buy a home say they are relying on their family, through gifts or inheritances, to help put in place the money for a deposit.
Home ownership goals
Despite growing concerns and difficulties, more than 6 in 10 of the people surveyed strongly agree that owning a home is very important to them.
Only a third of adults saying renting long-term suits people like them. But, this rises to over half of 18-24-year-olds.
72% say they're aware of the fact it's not easy to own your own home.
10% of First Time Buyers say they're planning to spend more than €650,000 on their first home. 61% say they will spend less than €350,000.
Price and size of property are the most important factors for people searching for a house, followed by garden space, energy efficiency and proximity to family.
Claire Cogan, Behavioural Scientist at BehaviourWise, said:
“This research paints a difficult picture for First Time Buyers, many of whom are struggling to save for a deposit and are frustrated at having to wait longer to begin living independently.
More generally it shows continued resilience among consumers in response to economic challenges. Negative sentiment is at its lowest level since the days of the pandemic but consumers continue to show concern over cost of living pressures and the cost of housing.”
