However, a recent iReach survey commissioned by Aviva Insurance suggests that many people are expecting disappointment.
The study reveals that 13% of consumers aspire to buy their first home within the next five years.
This desire is particularly strong among renters, as the survey encompassed a wide range of participants, including those who already own homes.
However, the survey revealed that 10% of those who want to buy a home do not believe it will happen within the next five years.
According to the Aviva survey, one-third of individuals aged 25 to 34 expressed their desire to become homeowners.
Within the same time frame, 17% of those aged 35 to 44 aspire to purchase their first home, though the majority of respondents do not have plans in this regard.
Interestingly, nearly 80% of individuals aged 18 to 24 currently live with parents or other family members.
This is in stark contrast to just 2% of those between the ages of 45 and 54, who still live with family members.
Regarding these findings, Aviva’s Billy Shannon stated, “Our latest research highlights the significant demand among consumers who aspire to enter the property market for the first time.”
He further emphasized, “Figures released by property website Daft.ie in early June confirmed a 17% increase in housing demand across Ireland over the past year, with a staggering 114% surge in demand for new homes in May 2022 compared to May 2021.”
Adding to this, he highlighted statistics from the Central Statistics Office (CSO), stating that only 29,851 residential units were completed in 2022, a number far below what is necessary to meet the demand.
The Aviva survey indicates that 63% of respondents consider themselves homeowners, with one-third of them owning their homes outright.
Additionally, the survey shows that 20% of respondents currently rent privately.
Taking these findings into account, Mr. Shannon urged all homeowners to review their home insurance coverage to ensure they are fully protected.
He explained, “Rising inflation and increases in material and building costs have necessitated higher rebuild rates.”
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