First-time buyers confident - B of I

First-time buyers remain confident about the housing market, according to research released today by the Bank of Ireland (B of…

First-time buyers remain confident about the housing market, according to research released today by the Bank of Ireland (B of I).

The research also suggests that there is "strong underlying demand" in the Irish housing market despite the current slowdown.

Of those surveyed, 63 per cent said that buying a home is one of the basic goals that everyone needs to achieve in their lifetime.

The research found 45 per cent of first-time buyers have a strong desire to own their own home, and that the rise in rent prices of 11 per cent this year has also prompted buyers to seek their own homes.

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Twenty per cent of those questioned said that they were aware of falling house prices, but the research suggests that house buyers are less concerned about recent decreases in the price of properties than they are about factors that influence their ability to pay monthly repayments such as rising interest rates.

Six out of ten interviewees said that the amount of paperwork and bureaucracy involved in obtaining a mortgage was the most confusing aspect of house buying.

"With the interest rate peak now in view, this latest survey confirms that demand remains robust, underpinned by an economy that is still showing strong employment growth and a 5 per cent rise in average earnings" said the report.