Current Irish property prices still do not represent good value according to a new poll of consumer’s perceptions of the property market. The poll has found that less than half of all Irish people think prices have reached a realistic level yet, and 54.7 per cent said that they have not.
According to the Journal.ie the new survey of irish attitudes found the vast majority of respondents believe property prices will continue to fall through 2013.
The Consumer Attitudes Survey conducted by Daft.ie found that availability of mortgage credit is now the single most important factor affecting Irish house prices over the coming year, coming in ahead of economic growth and changing trends in unemployment.
The survey was completed by 2,058 people online, Journal.ie reports.
43 per cent of respondents believe that house prices nationally will fall by between 1 per cent and 15 per cent over the next 12 months. 13. 8 per cent of people believe prices will fall by between 15 and 20 per cent while 9 per cent believe prices will drop by at least 20 per cent.
The main reason given for deferring a property purchase was the belief that property prices will fall further in future. This came ahead of the need to save for a deposit and an inability to secure a mortgage.
The majority of respondents were renters (55.5 per cent) while just under 27 per cent were owner-occupiers. 9.8 per cent of respondents said they were living with their parents.