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COVID-19 delaying home buying plans for almost half first time buyers
Written by Robert McHugh, on 14th Jan 2021. Posted in Ireland
Half of first time buyers (52%) in a Bank of Ireland survey conducted towards the end of 2020 revealed that the single biggest challenge facing them is the cost of property.
The survey also revealed that a lack of supply in desired areas (20%) and the ability for borrowers to save enough for a deposit (18%) continue to be seen as obstacles preventing people from getting on the property ladder.
Bank of Ireland says the onset of COVID-19 has been a major factor in the house buying process, casting a shadow over some financial decisions in the current climate. Almost half of respondents (48%) revealed that the impact of the public health emergency delayed their plans to buy a home, while almost one in four (23%) said the pandemic had accelerated their plans to buy a home.