How the Irish Property Market is Currently Affecting First-Time Buyers
The property market in Ireland has been a hot topic recently, particularly with first-time buyers. With uncertain interest rates, fewer properties available and more competition for those who are searching for a home – it can be tough for first-time buyers to make that step onto the property ladder. House prices are still continuing to climb, with little supply and very strong demand, which can cause some challenges for those looking to buy their first forever homes; however, not all hope is lost. We want to explain more about how the Irish property market is currently affecting first-time buyers.
New Homes Being Built isn’t Meeting the Demand
The demand for new housing in Ireland is currently high, but unfortunately, the number of new homes being built is not meeting that demand. This is causing a shortage of available housing and a rise in housing costs, which can be particularly challenging for those looking to buy their first homes as well as for second buyers.
This can also put a strain on low-income families who are struggling to afford a place to call home. There are a number of factors contributing to this shortage, such as a lack of available land as well as rising construction costs. Until the number of new homes being built can meet the demand, the housing shortage will unfortunately continue to be a problem in Ireland.
Supply Logjam Means First-Time Buyers Face a More Intense Hunt for a Home
The Irish property market is currently facing a severe supply logjam, as the number of available properties for sale is far lower than the demand for them with many people looking to buy right now. This has been caused by a wide number of factors, with many people unable to purchase a new property due to the rising property prices, interest rates and cost of living.
Additionally, over the past few years, the Government has been unable to introduce sufficient policies to increase the availability of homes. As a result, demand now outstrips supply, making it difficult for people to find affordable homes which can cause some difficulties for first-time buyers.
Increasing Number of First-Time Buyers Entering the Market
First-time buyers are currently making up an unprecedented number of house purchases in Dublin, which is due to the limited supply of properties on the market as well as due to the uncertain interest rates and the rising cost of living. First-time buyers dominating the property market can be worrying as it can be indicative of a lack of housing supply, or an inability for those who have previously owned a property to purchase a new one. This can create a shortage of properties for those who need them and can increase housing prices.
Demand for Housing Growing Exponentially
With an influx of young professionals and families relocating to Dublin for work, as well as those already living there, the demand for housing has grown exponentially and is continuing to rise.
This has made it difficult for first-time buyers to compete when it comes to finding their dream home with so many other buyers in the same predicament, but despite the challenge, good employment has resulted in first-time buyers being able to compete for suitable properties and find the homes that they have always wanted. With more people employed, there is more money available for people to purchase their first homes which is excellent for first-time buyers.
The situation for first-time buyers is challenging, but not insurmountable. With the right approach and a bit of patience, it is still possible to purchase a property and get on the property ladder.
Looking to Purchase a Property in Ireland?
If you are looking to make your first step on the property ladder, why not contact Michelle Burke? Although it can be challenging to purchase your first property, with our expert team’s guidance, support and assistance we can find you that first home that you have always dreamt of. We are Galways highest rated auctioneers and estate agents, providing a personalised service that always has your best interests at heart.
We have a wide range of properties for sale all across Ireland, including in Galway, Moycullen, Corofin, and other locations. Whether you are searching for a house, a bungalow, or an apartment to buy, we can help. To learn more about our properties available, we welcome you to contact us today. Simply fill out our online contact form, or alternatively feel free to give us a call on 091 868080 or email us at email@example.com and we’ll get back to you shortly.