New survey reveals that almost one in three people renting expect to buy a home in the next five years – BPFI
- Two-thirds of adults own their own home and about 85% of all non-homeowners expect or want to buy a home
- 70% of owner occupiers have been living at their current address for more than ten years, and 72% of owner occupiers have no plans to move
Friday 20th October 2023 – About one in three (32%) people currently renting expect to buy a home in the next five years, according to a new housing survey published today by Banking & Payments Federation Ireland (BPFI).
The survey, which looks at people’s housing circumstances and expectations, shows continued strong aspiration for homeownership and demand for homes to buy in Ireland with about two-thirds of respondents (63%) saying they owned their own home (owner occupiers), and about 85% of all non-homeowners saying they expected or wanted to buy a home.
In terms of movement within the housing market, the survey indicates that the future housing plans of respondents are heavily influenced by their current housing situation. While over half (56%) of adults have no plans to move, this rises to over 70% of owner occupiers. About six in ten (59%) of adults have lived at their current address for more than ten years, including 70% of owner occupiers. Among non-homeowners, however, 57% expect to move in the next three years, rising to 69% in the next five years.
Other findings from the survey show:
- About two-thirds of younger respondents under 35 years of age plan to move in the next five years. Some 40% of that age group expect to buy during that time.
- For six in ten homeowners, this is the first home they have owned by themselves or with someone else.
- About one third (30%) of respondents said they owned their home with a mortgage. Some 17% of homeowners with a mortgage expect to own without a mortgage five years from now, increasing to 31% ten years from now.
- Almost three in 10 (29%) want to own a home but don’t think they ever will. Under 35s are more optimistic about buying a home within the next 10 years (63%).
Speaking on the publication of the survey Brian Hayes, Chief Executive, BPFI said: “Housing is a key issue for society but also for every household in Ireland. Today’s survey results confirm again that owning your own home is an important goal for many people. While about two-thirds of households already own their home, almost nine in ten of non-homeowners expect or want to buy a home and one in three households currently renting expect to buy a home in the next five years.”
“This shows there is a strong demand for both new and second-hand homes. Mortgage lenders are working hard to meet that demand with more than 30,000 first-time buyer mortgages approved in the twelve months ending August 2023 as well as about 12,000 approvals for home movers over the same period.”
“This survey also helps to enhance our understanding of movement within the housing market in Ireland. Almost three quarters of owner occupiers have been living at their current address for more than ten years and a similar share of owner occupiers have no plans to move. This indicates that for most people who own their own home it is their ‘home for life’ and underscores the importance of the decision when choosing a home to buy.”
The survey was conducted by Amárach Research on behalf of BPFI in July 2023.
Note: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland, and the Fintech & Payments Association of Ireland, BPFI has over 125 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.