Almost half of people who are in the market to buy a home are now considering applying for social housing, a new report from PTSB has found.
PTSB’s Reflecting Ireland research is conducted every quarter and is based on an online survey of 1,000 adults across Ireland. The latest edition focuses on consumer behaviour and attitudes on housing.
A shift towards social housing, struggles to save for a deposit, and low awareness among existing homeowners of potential savings they can make on their mortgage are among the key findings.
It shows a big jump in younger age groups saying they are considering applying for social housing in response to housing affordability concerns. Almost half (46 per cent) of people who are in the market to buy a home are now considering applying for social housing.
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This rises to 61 per cent of 18-24 year olds. More than one in five people say they are now considering social housing for the first time because the private home ownership market has become so challenging.
Two thirds of people strongly believe future generations will find it even harder to own a home.
Only 41 per cent of first time buyers have saved enough for a deposit on their home. One in three have some savings in place but not enough for a deposit, while 27 per cent have yet to start saving.
In light of the difficulty in saving for a deposit, one in three of those in the market to buy a home say they are relying on their family, through gifts or inheritances, to help put in place the money for a deposit.
Notwithstanding the challenge in saving for a deposit, 10 per cent of first time buyers say they are planning to spend more than €650,000 on their first home. Some 61 per cent say they will spend less than €350,000.
The report also shows that while there is a growing level of concern among respondents about the economic outlook, people are more positive on a personal level.
Negative sentiment about consumers’ personal situations is at its lowest level since the final stages of the Covid-19 pandemic in early 2022.
Cost of living pressures remain the dominant concern among consumers.
Almost one in three people list it as one of the top three issues to be addressed in Ireland, ahead of the cost of housing (16 per cent) and homelessness (12 per cent).
