A shift towards social housing, struggles to save for a deposit and low awareness among existing homeowners of potential savings they can make on their mortgage are among the key findings of PTSB’s latest Reflecting Ireland research series. The edition focuses on consumer behaviour and attitudes on housing ahead of the PTSB Ideal Home Show this weekend.
The nationwide survey of homeowners, renters, prospective First Time Buyers and Second Time Buyers reveals:
A big jump in younger age groups saying they are considering applying for social housing in response to housing affordability concerns. Almost half (46%) of people who are in the market to buy a home are now considering applying for social housing. This rises to 61% of 18-24 year olds. 21% of people say they are now considering social housing for the first time because the private homeownership market has become so challenging.
68% of survey respondents feel house prices will continue to increase. The house price trend means more than 2 in 3 strongly believe that future generations will find it even harder to own a home.
First Time Buyers (FTBs) are struggling to save for a deposit. Only 41% of FTBs have saved enough for a deposit (minimum 10% of purchase price) on their home. 33% have some savings in place but not enough for a deposit, while 27% have yet to start saving.
Homebuyers are turning to family for help. In light of the difficulty in saving for a deposit, 1 in 3 of those in the market to buy a home say they are relying on their family, through gifts or inheritances, to help put in place the money for a deposit.
Many existing homeowners are unaware of savings they can make on their mortgage if their home has a high energy efficiency rating or a low Loan to Value (LTV) ratio. Only 28% of homeowners know they can reduce their mortgage repayments by having a high BER rating, while only 39% of homeowners know what their BER is. Just over 1 in 2 (53%) homeowners know that their LTV could reduce their mortgage repayments, but less than half (47%) of homeowners know what their LTV is.
Other key elements of the research include:
The research was conducted on PTSB’s behalf by Core Research.
“Our research offers a comprehensive snapshot of people’s attitudes towards home ownership – across existing homeowners, renters and prospective First Time Buyers and Second Time Buyers.
It is such an important area of focus for our society and we want to create a better understanding of the key issues affecting people throughout the country.
We are seeing a shift in attitudes towards housing and homeownership, as well as evidence of the struggles first time buyers are facing, such as saving for a deposit.
The research also shows that there is a lot of scope for existing homeowners to access better mortgage interest rates through a range of options, including making their homes more energy efficient, becoming more aware of the ability to use a lower LTV to get a better rate, and switching to lenders who offer better deals.”
“This research paints a difficult picture for First Time Buyers, many of whom are struggling to save for a deposit and are frustrated at having to wait longer to begin living independently.
More generally it shows continued resilience among consumers in response to economic challenges. Negative sentiment is at its lowest level since the days of the pandemic but consumers continue to show concern over cost of living pressures and the cost of housing.”
The latest Reflecting Ireland research explored a wide variety of topics, ranging from homeownership aspirations and practicalities, to wider economic sentiment. The research is being published today ahead of the PTSB Ideal Home Show which takes place in the RDS, Simmonscourt from Friday 11 April to Sunday 13 April.
Throughout the weekend, PTSB mortgage advisors will be on hand at stand N50 to support customers on their home buying journeys and in navigating some of the challenges and opportunities highlighted in the research. The PTSB Ideal Home Show will feature panel discussions which aim to increase awareness and understanding on how customers can upgrade and invest in their current home for the future.
PTSB’s Reflecting Ireland research is conducted every quarter and is based on an online survey of 1,000 adults across Ireland. The sample was nationally representative of the population based on age, gender, social class and religion. Fieldwork was conducted between 6 - 17 February 2025.
Read the full #ReflectingIreland report here
