In the most up to date research into potential first time buyers this year, Bank of Ireland today (2nd March 2009) reveals 38% of potential First Time Buyers are considering buying a home in the next 18 months. Bank of Ireland also announced details of its new First Time Buyer package which is available in branches now.
Buying their first property is their No. 1 goal right now, with 81% ranking it in their top 3 goals (next to climbing the career ladder and further education). This group also have strong opinions on the property market:
- 8 out of 10 stated that house prices are becoming more affordable
- 48% believe there is good value in the property market
- 35% stated there are great rates available
- 7 out of 10 people believe buying your own home is one of the basic goals that everyone needs to achieve in their lifetime
Only 8% of those surveyed think it is easier to get approved for a mortgage than it was 2 years ago. When asked why they would consider buying a property now, 68% said that it was because of lower property prices, but only 10% quoted lower mortgage interest rates.
Speaking at the launch of the findings, Brendan Nevin, Director Consumer Banking said “This is a realistic and practical group. Buying a house is an important goal for them and they believe there is good value in the market. What is interesting is that only 1 in 10 think it’s easier to get approved for a mortgage than it was two years ago. This is similar to the feedback we are getting from customers who believe Banks were not prepared to lend to them. However, we have just launched a €1 billion fund for First Time Buyers and combined with the best 1 year fixed rate in the market place (2.45%, 3.5% APR), we hope it will encourage anyone thinking of buying their first home to come in and talk to us first.”
In addition to its €1bn First Time Buyer fund launched last week, Bank of Ireland has just launched a great new First Time Buyers package which, along with our 1 year fixed rate of 2.45% (3.5%APR), also offers €1,000 cash and great deals on Home Insurance and Mortgage Repayment Cover. This new package will be highlighted in an extensive campaign in Bank of Ireland branches and media starting next week.
Group Consumer Communications Manager
Bank of Ireland
Tel: 01 604 3750
Mobile: 087 2269324
Note to editors:
The survey was carried out by W5 on behalf of Bank of Ireland in February 2009. Sample size of 500, aged 20 – 35, male and female non mortgage holders, both Bank of Ireland and other bank customers.
Bank of Ireland and Bank of Ireland Mortgage Bank, trading as Bank of Ireland Mortgages, are regulated by the Financial Regulator. Bank of Ireland Mortgage Bank is a member of the Bank of Ireland Group