A new survey shows that consumers believe house prices will fall further this year, while it also reveals that two-thirds of homeowners do not believe that Irish banks are lending.
The survey, from property website MyHome.ie, says 94% of first time buyers who were surveyed believe house prices will see more falls, while 86% of current homeowners also believe prices will decline further.
Despite this, half of first-time buyers said that they planned to buy a property in 2012, while 42% were undecided. 9% stated they would not buy this year.
The survey also shows that 65% of homeowners believe financial institutions are not lending, with 43% saying that banks are over regulated or overly cautious about granting mortgage approval.
Three out of four first time buyers also say that they have the required funds to pay a deposit for a house, while 60% of homeowners say they have sufficient funds.
MyHome.ie's Angela Keegan said that the findings showed that availability to mortgage finance and consumer confidence were the key factors influencing participation in the housing market.
