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Research finds homebuyers are confident despite interruption to market

Those looking to buy a house remain confident about their ability to do so, despite the interruption to the market as a result of Covid-19.

That’s according to a new survey by property website MyHome.ie.

It found that 68% of prospective buyers are still planning on purchasing a new property in the next year.

Six out of ten respondents believe next year will be a good time to buy, while 37% expect prices to drop by over 10% in the next year.

The 1,981 respondents were asked what factors would encourage them to buy a property now.

35% said more available houses, 33% said more overall confidence in the economy, and 33% also said an easing of mortgage lending rules.

The Covid-19 pandemic is expected to have a significant long-term impact on how we purchase property.

59% of respondents said they believe the virus outbreak will lead to more online processes in general to minimise contact, while 21% said they believe it will lead to quicker sales in general.

Half of the respondents said they believe online viewings and virtual tours are effective ways to view a property.

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