Survey – Homeowners in Ireland

Some 13% would like to buy their first home in the next five years, according to new consumer research

12% of homeowners hope to pay off their mortgage in that time

63% describe themselves as homeowners in Ireland

The pent-up demand for housing in Ireland is unlikely to ease any time soon as recent research highlights that 13% of consumers would like to buy their first home within the next five years.  However, respondents to a survey conducted by iReach Insights on behalf of Aviva Insurance Ireland DAC (Aviva) that polled 1,000 people nationwide revealed that 10% of them did not believe it would happen in the next five years.  Some 12% of homeowners said that they would like to pay off their mortgage within that timeframe, whilst 5% would like to trade down, with a further 5% hoping to trade up – although both those wishing to trade up and trade down think it is unlikely to happen in the timeframe sought.

The Aviva survey found that 34% of those aged 25-34 and 17% of those aged 35-44 would like to buy their first home within the next five years. However, the majority of those surveyed (58%) have no plans in this regard.

  • The survey findings show almost equal demand to buy their first home amongst men (12%) and women (13%)
  • Some 10% of those aged 55+ would like to downsize, while 11% of those aged 25-34 and 10% of those aged 35-44 would like to upsize
  • 15% of those aged 45-54 and 12% of those aged 55+ would like to pay off their mortgage within the next five years

Our latest research highlights the extent of the demand from consumers looking to get on the property ladder for the first time. Figures release by property website in early June confirmed that demand for housing across Ireland was up 17% over the last 12 months, with the demand for new homes up by a staggering 114% in May of this year compared to May 2022. The Central Statistics Office (CSO) said that 29,851 residential units were completed in 2022, a figure that all commentators agree is far below the numbers required to fulfil the demand. The CSO’s* statistics on house prices for new and existing residential properties released in June 2023 confirmed that new homes increased by 11.1% in the first quarter of 2023 compared with the corresponding period in 2022, and existing homes increased by 3.5% over the same period. While there has been a slight easing in house price growth recorded in the last month, consumers hoping to get on the property ladder are likely to still face challenges such as high rents and lack of availability of properties for sale.

Billy Shannon, Aviva

Home ownership

The Aviva survey found that 63% of respondents described themselves as homeowners, with 32% of them claiming that they owned their home outright.  While 18% said that they are currently renting privately, a further 14% are living with their parents or other family members.  Some 4% said they are renting from a county council or local authority and 1% are living with friends.

  • Unsurprisingly, those who own their home outright is highest amongst those aged 55+ at 75%, followed by those aged 45-54 at 24% and 14% of those aged 35-44.
  • Some 6% of those aged 55+ continue to rent privately, 9% of those aged 45-54, and highest amongst those aged 25-34 at 42%.
  • While 78% of those aged 18-24 are living with parents or family members, 6% of those aged 35-44 and 2% of those aged 45-54 are also doing so.

We continue to urge all homeowners to take the time to review their home insurance cover and ensure they are fully covered.  Rising inflation and increases in material and building costs have seen the Society of Chartered Surveyors Ireland (SCSI) increase the rebuild rates last September, with significant increases of an average of 21% over the past 12 months,” concluded Billy Shannon

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Aviva Group Services Ireland Limited, a private company limited by shares. Registered in Ireland No.322579. Registered Office: Cherrywood Business Park, Dublin, Ireland, D18 W2P5.