Pandemic has made homebuying more important for some – KBC Bank survey
A survey of potential housebuyers by KBC Bank Ireland has found that about a fifth said the pandemic had resulted in increased interest in buying or moving house.
But a similar percentage said it had resulted in diminished interest in buying property.
This appears to reflect the divided fortunes of the population from the pandemic with some boosting savings and others finding themselves in difficult circumstances.
21% of survey participants said the pandemic had increased the importance of living space and facilities for them while for 14% of consumers, their importance had decreased.
The survey reveals that living conditions were more likely to have increased in importance for those on higher incomes.
Living conditions were also more likely to have increased in importance for those living in Dublin, which KBC said possibly reflected smaller living spaces.
It also revealed that 27% of consumers think that Covid-19 has increased prices for the sort of property they would be interested in buying whereas 15% think prices have eased.
KBC Bank Ireland said the results of the survey suggest an increased focus on living conditions that would likely act to boost property demand by a significant cohort of consumers.
But it said it also suggested significant numbers see Covid-19 impacts making property purchase a more remote prospect for them.
“In this respect, responses also highlight marked differences in thinking across the spectrum of Irish consumers that likely reflect changes in circumstances that emphasise the uneven impact of the pandemic on income and employment prospects and, consequently, the accessibility of home purchase,” the bank added.