What has the final few months of the year got in store for the property ...

It is still many peoples' dream to buy their own home

A soon to be published survey by MyHome.ie revealed that 62.7% of first time buyers hoped to purchase a home in the next 12 months, with a further 29.1% undecided.

Those figures, along with Bank of Ireland?s findings that 84% of 25-35 year olds want to buy their own home, means there is still a very real demand out there for Irish property.

Of course, you could come up with many reasons why that group of people waiting to buy should wait a little longer. There will be those waiting to see what the new property tax entails, others will say the market is still too inflated, while others simply won?t get access to finance.

As many as 42.8% of the first time buyers surveyed by MyHome though said they hoped to buy within the next three months.

The reasons for that are quite clear, with the mortgage interest relief extension coming to an end on December 31^st.

By buying before the end of the year, first time buyers will qualify for generous tax relief up to the end of 2017.

First time buyers taking out a loan before the end of 2012 will get mortgage interest relief that could amount to savings at a rate of 25% of ?10,000 a year for singles and ?20,000 for married couples or those in civil partnership.

Similarly, there is also incentives for non-first time buyers to buy by the end of the year as they could save up to 15% of ?3,000 for singles and ?6,000 for married couples or those in civil partnerships.

Despite hopes of the scheme being extended, Minister for Finance Michael Noonan has given no indication that it will, meaning that if anyone wants to take advantage of these possible long term savings then now is the time to do so.

For many first time buyers, getting access to a loan is not easy though, as The Irish Times article with Emmet Furlong showed yesterday.

That is why Bank of Ireland?s announcement yesterday that it is launching a ?2 billion mortgage fund to support people in purchasing a home is to be welcomed.

The bank will be pushing the new fund as part of Homebuyers? Week, which kicked off this morning, and the hope is that other banks follow suit.

Pessimists will warn people against buying but the reality is that, despite all our problems with property in recent years, it remains a dream for many. And, who would begrudge anyone the chance to fulfill their dream?

Perhaps one of the biggest issues affecting the market, particularly in urban areas, is in relation to availability of stock though.

MyHome?s recent Property Barometer reported that stock in Dublin had fallen by just under 20% between Quarter 2 and Quarter 3 and unsurprisingly the availability of suitable stock (usually three and four bed homes) was the biggest influencing factor at 22% in keeping first time buyers away from the market ? ahead of the likes of the property tax, deposit rates, a guarantee that the market had bottomed out and a possible extension of the mortgage interest relief scheme.

So as we head into the final few months of 2012, with Christmas already being discussed, we?d like to get your opinion on what the end of the year might have in store for the property market. Will there be a rush to avail of the mortgage interest relief before its extension ends and will the new Bank of Ireland fund have any impact on the market?

Have your say below?.

Source: http://blogs.myhome.ie/2012/10/12/what-has-the-final-few-months-of-the-year-got-in-store-for-the-property-market/

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