Home buyers remain confident despite widespread disruption sparked by the coronavirus pandemic, research has found.
Almost 70% of potential buyers are planning to purchase a property in the next year while 37% expect property prices to fall by more than 10% in the next year, according to a survey by property website MyHome.ie.
The research, which involved 1,981 people, also found 69% believe government could do more to help the property sector, 59% believe Covid-19 will lead to more online processes in general in the long term to minimise unnecessary contact and 21% believe it will lead to quicker sales processes in general.
About half (51%) of respondents believe online viewings and virtual tours are effective ways to view a property.
Angela Keegan, managing director of MyHome.ie, said the findings reflected “pent-up demand” in the market.
“Even though Covid-19 has essentially frozen the market, this survey shows that prospective buyers are still confident about their ability to purchase in the coming year, possibly driven by an expectation of falling prices,” she said.
“For now, it is crucial that construction is allowed to continue without interruption, as it is clear that supply issues are still a significant concern for people.
“One element of good news for the market is that most people are receptive towards online viewings as well as innovations such as real-time property viewing platform MyHome Live, which have quickly become of critical importance in the current environment.”