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[Article] First-time home buyers feel the strain

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18-05-2004 4:08pm

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Victor

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http://home.eircom.net/content/unison/national/3217087?view=Eircomnet

First-time home buyers feel the strain
From:The Irish Independent
Tuesday, 18th May, 2004

ONE in three first-time home buyers would spend more time choosing a property if given a second chance, a new survey has shown.

Almost 60pc thought the whole process was the most stressful thing they'd ever done, with the actual business of finding the right property the most stressful aspect for about one third of the people in the study conducted by EBS and independent research company, Millward Brown IMS.

While 47pc of those surveyed said the location of their new property was ideal and was exactly where they wanted to live, 44pc felt that the leisure facilities in their area were poor.

For 26pc, the tension peaked as they moved into their home, while one in 10 found dealing with their solicitors the most stressful part of the process.

About half of the first-timers agreed that a mortgage restricted the kind of lifestyle they were able to afford - more people found their monthly payments a financial struggle last year.

Virtually all first-time buyers were happy that the purchasing process was over, with 59pc reporting it was the most stressful thing they ever did.

Over three-quarters of fledgling home-owners have no problem with the time they spend in the car, bus or train on the way to work and 90pc say they have a commute of one hour or less a day, the research found.

The survey revealed that 40pc of first-time buyers are buying alone, 11pc more than last year.

Some first-time buyers are using more than one source to finance their deposit - two-thirds used their own savings with one in four getting financial support from parents and one in five availing of other loans.

The fact that 29pc said they intend to buy again within five years "is a strong signal of confidence in the marketplace and demonstrates that growth in the market over the medium term is likely", according to Dara Deering, head of EBS Mortgages.

The survey, the second of its kind, was carried out among 100 respondents from Dublin, Meath, Cork, Limerick and Kerry who bought their first property in the past 12 months.

Grainne Cunningham

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