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13% of consumers want to buy first home in next 5 years

The survey also reveals that 10% of those aged 55 and over would like to downsize.
The survey also reveals that 10% of those aged 55 and over would like to downsize.

13% of consumers would like to buy their first home in the next five years, new figures show.

This jumps to 34% among those aged 25-34, and 17% for the 35-44 age bracket.

However, 10% said they did not believe it would happen in this timeframe.

The research carried out by iReach Insights on behalf of Aviva suggests that the pent-up demand for housing in Ireland is unlikely to ease anytime soon.

"Our latest research highlights the extent of the demand from consumers looking to get on the property ladder for the first time," said Billy Shannon of Aviva.

"Figures release by property website Daft.ie 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," he added.

The survey also reveals that 10% of those aged 55 and over would like to downsize.

Meanwhile, 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 and over said they would like to pay off their mortgage within the next five years.

According to today's findings, 63% of respondents described themselves as homeowners, with 32% of them claiming that they owned their home outright,

18% of those surveyed said they are currently renting privately, while a further 14% are living with their parents or family members.

4% said they are renting from a county council or local authority and 1% are living with friends.