Over 50% of prospective homebuyers say cost of living has affected ability to purchase

A survey also found that prospective home buyers are not so optimistic about the housing market, with six in 10 believing that prices will rise in the next year
Over 50% of prospective homebuyers say cost of living has affected ability to purchase

The rising cost of living is having a significant effect on prospective homebuyers’ ability to purchase a home, a new survey by MyHome.ie has found.

According to the survey, 52 per cent of prospective homebuyers said the current rise in the cost of living has affected their ability to purchase a property.

Although 56 per cent of those surveyed said they have finances in place to buy a property in the next year, some 42 per cent said they are not confident about their ability to buy in that timeframe.

Meanwhile, 72 per cent of survey respondents said that they have had to look beyond their top location choice because of price concerns.

Joanne Geary, managing director of MyHome.ie, said: “The rise in the cost of living has been significant and is a source of worry for all people, so it is not surprising to see homebuyer sentiment negatively affected in this survey.

“Our recent Property Price Report for Q1 2022 predicted buildings material inflation of 18 per cent next year, which would most likely serve to put a brake on soaring market demand.

“This could be viewed as a positive result for the market, as we need to see demand easing in order to redress the imbalance between that demand and our chronic lack of supply.”

The survey also found that prospective home buyers are not so optimistic about a change in the housing market, with six in 10 believing that prices will rise in the next year.

Just one in 10 people surveyed think that the next 12 months will represent a good time to buy property. Meanwhile, 74 per cent of prospective buyers are worried about the state of the property market in general.

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