The recent survey of first time buyers conducted by MyHome.ie showed that 48% had received a loan approval, a further 31% were actively seeking a loan approval and 58% of those surveyed intended buying within the next twelve months indicating an underlying demand for housing yet to be satisfied.
But one third of first time buyers … expressed a preference to buy a 3 bedroom semi detached home as their starter home whilst only 14% were seeking to buy either a one or two bedroom apartment. In addition only 18% expressed a preference for a newly built property as their first home.
Given sustainable living in urban areas involves high density accommodation (apartments) and the majority of the overhang of unsold new-build properties in urban areas are apartments, is there a case for some form of “incentive” to encourage first time buyers to choose new apartments to help (a) clear the excess supply and (b) promote sustainable development?
If so what could be done? Cash payments? Tax credits? Increased mortgage interest relief? A guarantee of a lower rate of property tax once it comes in?
Have your say:
- Should there be an “incentive” to encourage buyers to choose one type of property over another?
- Or should nothing be done and let the free market determine who buys what and where?