BoI study finds people remained focused on property
Research findings released today by Bank of Ireland, reveal that both first time buyers and those trading up remain confident of purchasing their dream home despite concerns surrounding Ireland's property market.
The research conducted by W5 Marketing Intelligence confirms the strong desire for people to own their own homes with 63% saying: "Buying your own home is one of the basic goals that everyone needs to achieve in their lifetime."
Moreover, despite almost half those researched expressing a view that the property market was not in a good state of health, 77% have a dream home in mind and 60% have a plan to achieve it. 35% of respondents feel that they will achieve this dream between the age of 36 and 45.
This research confirming strong underlying demand comes as the Irish housing market is experiencing a slowdown, a predictable result of a rising interest rate cycle and record growth in supply.
However 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 (75,000 new jobs expected in 2007) and a 5% rise in average earnings.
