KBC: Homebuyers seek greater stability in accommodation due to pandemic

KBC: Homebuyers seek greater stability in accommodation due to pandemic
File image. Picture: PA

The Covid-19 pandemic has made potential homebuyers seek greater stability in their accommodation, according to a new study.

It has also made them far fussier about how a property meets their personal needs.

According to KBC Bank’s Homebuyer Survey, almost half (49%) of all potential buyers plan to stay in the property they buy for the next 20 years at least.

The study also indicates a solid rebound in the housing market once the economy returns to "normal".

It also found that the majority of people (57%) planning to buy a house were first time buyers.

Only 13% think they will stay in the property they buy for less than five years.  

KBC says that the “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 survey says 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.

Meanwhile, the report states that 32% of adults were at least considering purchasing a home in the next two years.

Austin Hughes from KBC says hard times have made people cautious.

“I think the importance of putting down roots is something that people have found out hugely in the years since the financial crisis,” said Mr Hughes.

“My strong belief is that the pandemic we’ve been through will make people even more careful and more conscious of the pros and cons of living in a particular type of place, a particular area, a particular type of building.”

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