Will A Move From Renting To Buying Cause The Irish Property Market To Rise Rapidly?

19 June 2012 11:00 - Phoebe Robinson

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Will A Move From Renting To Buying Cause Irish Property Market To Rise?

New reports have found that almost half of those renting can now afford to buy their own property and are suspected to do so once the Irish economy picks up again. It is those under the age of 25 who are said to be the ones likely to make the move to becoming a household owner rather than renting. 

Once confidence is restored these potential buyers will cause the property market to turn away from the slumps it has been experiencing and prices could potentially rise rapidly, said a report from the Economic and Social Research Institute (ESRI).

However it has been thought that the prices are likely to rise in key areas such as Dublin, Cork and Galway, which could lead to a two-speed market with prices increasing in urban areas fast and surpassing other parts of the country where there is a huge oversupply.

Economist David Duffy has said that as many as four out of ten 10 of those who now rent could afford a mortgage. Most of these people are under the age of 35 and based in cities. This group will be looking to buy family homes. This is a prospective problem for the Property market as property gurus are already pointing out a lack of family type homes in urban areas. 

It has not been indicated when exactly house prices will recover but it has been estimated that there will be a demand for around 15,000 houses a year for the next decade as younger people form households.  Presently this younger Irish generation are living with their parents or in small apartments. But this new demand will focus primarily on certain locations and it could be decades before there is a rise in rural areas where too many house were built during the Celtic Tiger.

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