Happy renting for now…..but most hope to buy in next 3 years

Happy renting for now…..but most hope to buy in next 3 years

Two out of three renters believe prices will fall more

83.4% of people who hope to buy a home said they will do so in the next three years

Historically tenant/landlords relationships in this country have been fraught with tension but that may be changing.

According to a new survey by MyHome.ie 83% of people living in rented accommodation enjoy positive relationships with their landlords.
 
While over half of renters admitted that they disliked managing the relationships with their landlord or letting agent, only 7% reported a bad experience.
 
One respondent said: “Our pipes froze and the landlord offered to put us up in a hotel until they were fixed.” Another said: “Problems are quickly fixed and he maintains the garden.”
 

Angela Keegan, Managing Director of MyHome.ie, said the findings were very positive and indicated a new maturity in tenant/landlord relationships.

“There is a stereotype out there and it’s reflected in some of the stories you read in the papers, so we were pleasantly surprised at the level of satisfaction renters expressed about their landlords. It’s very welcome and hopefully these levels will be sustained in the long-term,” Keegan said.
 
The most common reasons for bad experiences were the non return of deposits and property repairs. One unhappy tenant claimed: “The landlord made false claims of damage and kept half of the deposit.”
 
When asked what the main advantages of renting were, 74% per cent said it offered them a better choice of location to buying, 71% said they liked not having to worry about negative equity, while 68% said they liked the greater flexibility.
 
On the down side 70% felt rent was dead money while 61% disliked not having control over the décor of the property.
 
Looking to the future, four out of five renters said they intended to purchase a home and 83% of those said they intended to take the plunge within the next three years. Twenty five per cent believe now is a good time to buy but 44% believe prices have further to fall.
 
When asked about their concerns about taking the plunge, 27% said securing a mortgage was their biggest concern while a further 23% said it was the ability to afford repayments.
 
Those concerns are reflected in the approach renters are adopting to what will be for the vast majority, the purchase of their first home. Only 1.5% of respondents said they would pay the asking price while 60% said they would negotiate. Thirty per cent said they would wait for the price of the property to fall or for the price of a suitable property to fall within their range.
 

“Consumer confidence is low and accessing finance is a problem for everyone, including renters. While 44% believe prices will fall further the fact one in four believes now is a good time to buy is heartening as is the fact that the vast majority intend to purchase a property within the next three years,” Angela Keegan concluded.

83.4% of people who hope to buy a property plan to do so in the next three years

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