Despite the slowdown in the housing market, consumer desire, in Ireland, to own a home is still high, according to new research.

A survey by GE Money has suggested that one third of those currently renting have the ambition to purchase a home within the next year.

Although there are still concerns about the state of the market, three quarters of those participating in the study said getting on the property ladder is a high priority.

One in five adults in the country currently live in rented accommodation. Research conducted by GE Money has revealed that 31% of these people aspire to purchase property in the next 12 months.

The main opposition to renting, outlined in the report, is the lack of security, a benefit provided through ownership, and the view that renting was simply a wasted investment.

-- Advertisement --

A further 35% of those private renters questioned said they planned to buy within the next three years, with respondents believing this was very likely or quite likely.

Possible reasons for not making the leap on to the market, detailed in the research, included a notion that prices may fall further, while others could not afford to take the step due to rental commitments. Others were presently undergoing the process.

Personal banks are the first option for most when thinking about making their first move to buy. However, around 50% said they would give consideration to a range of mortgage products.

Claire Byrne, Head of Mortgages at GE Money said: "Despite the recent daily negative reports on the condition of Ireland’s property market, it is very encouraging to hear Irish consumers continue to endorse the importance of owning their own home".

Ms Byrne suggested there is a "significant appetite for home ownership".

"The fact that a third of private renters appear to be motivated to take the plunge and buy within the next 12 months says a lot about the desire among Irish people to own their own homes, she said. That two-thirds said they were likely to buy within the next 2-3 years, was also significant in the current climate," she added.

(PR)