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Less than half think property prices reflect good value

A new study by Daft.ie found the vast majority of respondents believe property prices will continue to drop over the next 12 months.

Image: Sasko Lazarov/Photocall Ireland

LESS THAN HALF of people think that current property prices reflect good value, according to a new poll of consumer’s perceptions of the property market.

The survey also found that the vast majority of respondents believe property prices will continue to fall over the next year.

The Daft.ie Consumer Attitudes Survey reported that availability of mortgage credit is the single most important factor which respondents believed will affect house prices over the coming year, ahead of economic growth and trends in unemployment.

The survey was conducted between 20 December 2011 and 9 January 2012 and was completed by 2,058 people online.

The poll found just over 43 per cent of people believe that house prices nationally will fall by between 1 per cent and 15 per cent over the next 12 months. 13. 8 per cent of people believe prices will fall by between 15 and 20 per cent while 9 per cent believe prices will drop by at least 20 per cent.

Just over 45 per cent of respondents said that property prices nationally represented good value compared with 54.7 per cent who said that they did not.

The single biggest reason cited for deferring property purchase was the belief that property prices will fall further in future. This came ahead of the need to save for a deposit and an inability to get a mortgage.

The survey was the first time that property website Daft.ie has measured consumer perception of the property market and their purchasing intentions.

The vast majority (55.5 per cent) of respondents were renters while just under 27 per cent were owner-occupiers. 9.8 per cent of respondents were living with their parents.

Read the full Daft Consumer Attitudes Survey here (PDF) >

Cost of living fell by 0.5 per cent in January >

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