A brand new survey has shown that a significant amount of renters in Ireland have had their ability to buy a home impacted by the current cost of living crisis, particularly the current high costs of electricity and gas.
According to the survey of 2,509 people, conducted in late February by leading property website MyHome.ie, six in ten people said that the high cost of conventional utilities means they will plan to power their home with renewable energy.
Furthermore, around three-quarters of prospective homebuyers said that they were more inclined to think about a property’s Building Energy Rating (BER) as higher energy costs have made them more concerned about sustainability.
READ MORE: Mystery solved as three bodies found in search for five people missing after night out
Just over half of the respondents, 56%, said that they were worried interest rate hikes will affect their ability to buy. A similar number, 54%, said they welcomed the Central Bank’s new mortgage lending rules of four times income for first-time buyers.
However, the cost of living crisis is still having a significant effect on property market sentiment. More than half, 55%, of prospective homebuyers and 64% of renters say rising costs have affected their ability to find a property.
Meanwhile, a further 63% of homebuyers and 70% of renters have had to look beyond their top location choice because of price concerns.
Although last August, 24% of prospective homebuyers said they believed the next year would represent a good time to buy property, now only 13% of respondents said the same.
Despite this, almost two-thirds, 63%, of respondents have finances in place to buy a property in the next year, and over half, 56%, said they are confident about their ability to buy in that timeframe.
Joanne Geary, Managing Director of MyHome.ie, said: “We know that sentiment in the property market tends to mirror that of the overall economy, so it is perhaps not too surprising to see cost of living-related energy concerns dominate in this survey.
“There is still significant pent-up demand among prospective homebuyers but they are looking for different ways to ease the financial burden.
“The good news is that the focus on renewable energy as part of the property search process is a fantastic long-term trend for both the market and the environment as a whole.”
READ NEXT:
Ireland weather: 'Messy week' ahead with heavy snowfall confirmed and warnings in effect
Taoiseach Leo Varadkar tells RTE Prime Time further energy credit possible this year
Mystery solved as three bodies found in search for five people missing after night out
Katie Taylor sends Eddie Hearn public ultimatum over Dublin fight
Woman left with a 'myriad of complications' after travelling to Turkey for weight loss surgery
Get breaking news to your inbox by signing up to our newsletter
