The KBC Bank Ireland Homebuyer survey for Spring 2020 predicts that homebuyer demand should recover to solid levels despite housing market activity being severely affected by the Covid-19 pandemic. 

KBC Bank Ireland said that demand may be somewhat softer in the immediate aftermath of the coronavirus.

But it added that the nature of the lockdown has further emphasised the importance of accommodation that meets varied family needs.

Because housing is a necessity, KBC said the underlying requirement for somewhere to live will be reflected in a rebound in homebuyer demand as the Irish economy recovers. 

"Some sense of the strength of underlying demand for home purchase is suggested by the spring homebuyer survey finding that some 32% of adults were at least considering purchasing a home in the next two years," it stated. 

Today's index shows that the majority (57%) of those planning to buy were first time buyers. This portion has increased at the expense of movers (30%) and investors (13%). 

"This shift likely reflects an increase in pent-up demand through recent years because of a constrained level of property transactions and strong population growth," KBC Bank said.

It also said that 40% of first time buyers expect to receive financial assistance from parents or other family members with about a third of these getting more than half the expected cost of the deposit.

Today's survey also reveals that 49% of those considering buying a home plan to stay there for more than 20 years. Only 13% think they will stay in the property they buy for less than five years. 

"This strong inclination to put down roots is likely to be boosted further by the experience of the pandemic when homes were required to function as living, working and safe spaces for all the family," the bank said.