Most house buyers are struggling to find properties they can afford in the right locations, according to real estate agent Sherry Fitzgerald.
A survey of 10,000 people looking to buy a home found that 85 per cent of them remain committed to acquiring property, despite Covid-19’s impact on the market.
However, the firm said the results exposed the “very negative impact” that pandemic restrictions have had the supply of housing in the Republic.
More than three out of four respondents to the Aspiring Buyers’ Survey complained that they could not find suitable homes in their preferred locations, reflecting critically low supply, Sherry Fitzgerald said on Thursday.
“The next most common challenge was a lack of suitable stock in their price range,” the firm noted.
It added that respondents cited bidding wars resulting from chronic supply shortages, along with the inability to view properties physically, as critical problems.
Almost 80 per cent of buyers were seeking a home for less than €500,000. In the case of first-time house hunters this rose to 90 per cent.
When asked about the Government’s purchase shared equity scheme, 63 per cent of respondents admitted that they did not understand it, Sherry Fitzgerald said.
Commenting on the results, Marian Finnegan, managing director, Sherry Fitzgerald, observed that the pandemic had disrupted all aspects of the housing market.
“However, despite all the uncertainty buyer sentiment remains robust with 85 per cent of respondents either just as committed or even more committed to purchasing a property despite Covid-19,” she added.