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Crafted by 4Property.

Savings made during Covid-19 crisis ‘will help fuel price rises in housing market’

It emerged this week an additional €1.7bn was put into savings accounts in banks and credit unions in October as Irish people continue to have one of the highest savings ratios in Europe.

Taoiseach Micheál Martin told the Dáil: “Covid has created a situation which will ultimately have an impact on housing.”

House hunters already face the challenge of a lack of supply, exacerbated by construction work slowing down or stopping altogether during lockdown.

In a recent survey, 58% of prospective buyers have been able to save more money for a deposit. Meanwhile, 41% of survey respondents agreed the market is more competitive now than before Covid-19 emerged. 

And only one in five believe property prices will fall significantly, by more than 5%, in the coming year.

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