In today’s report published by MyHome.ie, the current sentiments and trends within the Irish real estate market have been brought to light, revealing a challenging landscape for both the government and prospective homebuyers. Here’s an exploration of the report’s findings and what they indicate about the future of housing in Ireland.
According to the MyHome survey, which gathered opinions from 2,223 individuals during April and May 2024, there’s a prevailing dissatisfaction with the government’s efforts in the housing sector. A significant 36% of respondents believe a change in government would positively impact the property market, contrasting sharply with the mere 5% who feel the current government is doing enough to address market issues. This indicates a strong desire for enhanced governmental intervention and policy changes to address the housing supply crisis.
The report by MyHome highlights a critical issue in the real estate market: the lack of housing supply. A staggering 78% of survey participants indicated that they had to consider locations beyond their top choices due to insufficient market supply, and only 19% believe there is adequate supply to secure a suitable property. This shortage is pushing potential buyers to adjust their expectations and geographical preferences, illustrating the depth of the supply crisis.
Despite the perceived challenges, there is a robust demand in the housing market. MyHome’s findings show that 45% of prospective buyers are not waiting for an interest rate cut before purchasing a property. Furthermore, a substantial 57% are seeking mortgage terms longer than five years, and 73% prefer fixed-term mortgages, suggesting that many are looking for stability in their financial planning amidst market uncertainty.
The sentiment towards the overall state of the property market is overwhelmingly negative, with 78% of respondents expressing concern, according to MyHome’s report. However, there remains a strong undercurrent of demand, as evidenced by 63% of participants having their finances ready for a home purchase. This dichotomy underscores the complexity of the current real estate landscape, where high demand coexists with significant apprehension about the future.
Joanne Geary, Managing Director of MyHome.ie, commented on the government’s recent pledge under Taoiseach Simon Harris to build 250,000 homes by 2030. She notes that after a decade of inadequate construction activity, skepticism about fulfilling these promises is understandable yet underscores a critical need. Geary suggests that sustained building efforts could lead to an improvement in market sentiment, emphasising the importance of consistent and effective government action to stabilise and strengthen the housing market.