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• House buyers ready to take the plunge

• 
  Helena Deane    Group moderator

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  House buyers ready to take the plunge

  Two out of three first time buyers say they intend to buy a property in the next year according to a new survey by leading Irish property website MyHome.ie.
  
  This figure is up from 57pc last Autumn while the number who do not intend purchasing has halved from 12.5pc to 6.3pc.
  
  The majority of first time buyers (53pc) expect to make the purchase in a 6 to 12 month timeframe while a similar number, 58pc, expect house prices to fall slightly in the next twelve months. Seventy eight per cent of first time buyers now have the funds required to pay a deposit, up 20pc from last September. A similar number, 75pc have either received or are seeking mortgage approval, the same percentage as in September 09, suggesting first time buyer activity in the market has held firm over the last six months. Thirty six per cent have received mortgage approval but haven't purchased a property yet while 39pc are actively seeking a mortgage.
  
  Of those who say they won't be purchasing in the next year 27pc said they were waiting for price to fall further, while the same number cited the current economic climate. Sixteen per cent said the lack of mortgage approval meant their plans were on hold.
  
  Angela Keegan, Managing Director of MyHome.ie said the figures showed an encouraging trend as we head into what is traditionally the busiest buying period.
  
  'The fact that a third of first time buyers have mortgage approval is heartening as is the fact that almost 80pc of first time buyers have the funds for a deposit. It is also clear that Dublin will be the first market to see increased activity as 64pc of first time buyers wish to buy in the capital. A further 13pc are focused on purchasing in the traditional commuter counties of Meath, Wicklow and Kildare' Keegan said.
  
  (Bizworld)
  
  • 21 Apr 2010, 5:39 pm
  Helena Deane wrote: > Two out of three first time buyers say they intend to buy a property > in the next year according to a new survey by leading Irish property > website MyHome.ie. > > This figure is up from 57pc last Autumn while the number who do not > intend purchasing has halved from 12.5pc to 6.3pc. > > The majority of first time buyers (53pc) expect to make the purchase > in a 6 to 12 month timeframe while a similar number, 58pc, expect > house prices to fall slightly in the next twelve months. Seventy > eight per cent of first time buyers now have the funds required to > pay a deposit, up 20pc from last September. A similar number, 75pc > have either received or are seeking mortgage approval, the same > percentage as in September 09, suggesting first time buyer activity > in the market has held firm over the last six months. Thirty six per > cent have received mortgage approval but haven't purchased a property > yet while 39pc are actively seeking a mortgage. > > Of those who say they won't be purchasing in the next year 27pc said > they were waiting for price to fall further, while the same number > cited the current economic climate. Sixteen per cent said the lack of > mortgage approval meant their plans were on hold. > > Angela Keegan, Managing Director of MyHome.ie said the figures showed > an encouraging trend as we head into what is traditionally the > busiest buying period. > > 'The fact that a third of first time buyers have mortgage approval is > heartening as is the fact that almost 80pc of first time buyers have > the funds for a deposit. It is also clear that Dublin will be the > first market to see increased activity as 64pc of first time buyers > wish to buy in the capital. A further 13pc are focused on purchasing > in the traditional commuter counties of Meath, Wicklow and Kildare' > Keegan said. > > (Bizworld)
• 
  Remi Crameri    Premium Member   Group moderator

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  Re: House buyers ready to take the plunge

  In my eyes the problem at the moment is not the will to buy but the fact that the property market is just not working at the moment. Nothing moves, as the gap betweend asking and bidding is too big.
  
  I was talking to an auctioneer the other day and he told me that sellers are still unwilling to cut down on prices and incur losses whereas buyers are monitoring the current developments in Greece, Spain, etc. and are speculating on further drops in house prices.
  
  Personally I still think that current prices are still too high. Not to mention all those ugly estates which have been completed in the boom years and now facing an uncertain future...
  
  Rgds,
  Remi.
  
  • 26 May 2010, 09:16 am
  Remi Crameri wrote: > In my eyes the problem at the moment is not the will to buy but the > fact that the property market is just not working at the moment. > Nothing moves, as the gap betweend asking and bidding is too big. > > I was talking to an auctioneer the other day and he told me that > sellers are still unwilling to cut down on prices and incur losses > whereas buyers are monitoring the current developments in Greece, > Spain, etc. and are speculating on further drops in house prices. > > Personally I still think that current prices are still too high. Not > to mention all those ugly estates which have been completed in the > boom years and now facing an uncertain future... > > Rgds, > Remi.
• 
  Helena Deane    Group moderator

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  Re^2: House buyers ready to take the plunge

  I agree to a certain extent, however there have been some encouraging developments to stimulate the buyers, such as rent-to-buy schemes and though some property developers are unrealistic in their price expectations, those that have relented have certainly had some success and some sales.
  
  The problem is more so on the lending side now, banks have gone from ultra-liberal lending policy to ultra-conservative lending policy (incl overdrafts), this is affecting not only the housing market but is especially hard on the smal businesses.
  
  • 28 May 2010, 12:38 pm
  Helena Deane wrote: > I agree to a certain extent, however there have been some encouraging > developments to stimulate the buyers, such as rent-to-buy schemes and > though some property developers are unrealistic in their price > expectations, those that have relented have certainly had some > success and some sales. > > The problem is more so on the lending side now, banks have gone from > ultra-liberal lending policy to ultra-conservative lending policy > (incl overdrafts), this is affecting not only the housing market but > is especially hard on the smal businesses.
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