Wednesday, 2 May 2018

📌Although 85% think that the housing market in Ireland is very difficult at the moment, 21% of those who are planning on getting a mortgage will take it out within the next year. 🏠🔑

iReach Insights Press Release
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  • More men (73%) than women (52%) have started saving towards a mortgage.
  • The average amount of savings of those who plan to take out a mortgage within the next year, is €956 per month.
  • 82% think that high rents in Ireland prevent people from purchasing property.
iReach Insights conducted a nationally representative survey of those who are planning to take out a mortgage in the future – which we can reveal is 20% of the Irish adult population. This press release is in relation to 198 adults who are planning to take out a mortgage in the future.

The majority (62%) of those who plan to take out a mortgage have already started saving towards a mortgage. Interestingly, more males (73%) than females (52%) are saving towards one. The average amount of all currently saving for a mortgage is €576 per month. The average amount of savings of those who plan to take out a mortgage within the next year, is €956 per month.

Most adults who plan to take out a mortgage live in Dublin (42%), followed by 23% in the Rest of Leinster, 19% in Munster and 16% in Connacht/Ulster.

Although 85% think that the housing market in Ireland is very difficult at the moment, 21% plan on taking out a mortgage within the next year. These who are planning to get a mortgage within the next year save an average of €956 per month.27% plan on taking out a mortgage within the next 1-3 years, 26%)plan to do this within the next 3- 5 years and another 26% over the next 5 years away. The average ideal age to buy a house is 32 years old.

How are people planning to come up with the money to buy a house or an apartment? 1. Borrow from bank (61%), 2. Cut down on unnecessary expenses (60%), 3. Buy in a cheaper area or out of town (35%), 4. Work overtime (26%) and 5. Borrow from Credit Union (17%).

91% of people living in Ireland and who are planning to take out a mortgage in the future to buy a house/apartment state that the rents are too high in Ireland and 82% think that high rents in Ireland prevent people from purchasing property.

What could be done to help resolve the housing crisis? The majority (66%) think building more housing in cities could help, followed by “The government should offer companies tax breaks to relocate outside of city centres” (44%), “Implement stricter rent control” (43%), “Implement more restrictions on property owners with multiple properties” (34%), “Reduce development levies or a tax break to the building sector (that are building housing)” (34%) and “Stricter criteria surrounding those who are eligible for HAP scheme” (23%).
For more information on these research findings please feel free to call iReach on 01-2143740 or email to info@ireachconversations.com

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