Survey shows consumer confidence in property

Consumer confidence in the property market is high, according to a survey conducted by the Government’s Economic and Social Research Institute and the mortgage firm IIB Homeloans.

Almost three-quarters of respondents said they expected house prices to increase in the coming year, with only 6% predicting a fall in prices.

Most respondents also said they expected house prices to rise by around 5%-a-year in the coming five years.

Elsewhere, one-in-eight said they were thinking of buying a house or apartment in the coming two years, with two-thirds of these saying the property would be for investment purposes.