Downsizers & Lifestyle Buyers Make Their Impact on the Property Market
Today we’re releasing data gathered through our online system of property sellers and buyers that shows an interesting trend and dynamic arising in the Irish property market. 4% of those people who are selling their property through our fixed-fee estate agency have indicated that their reasons for selling are to “downsize” to a smaller, more compact property. Equally, the data from Auctioneera’s property buyers shows that 5% of that cohort have marked themselves as downsizers. Interestingly, 7% of potential purchasers have indicated that they are in the buying market for “lifestyle” reasons with “moving for work” being the top reason indicated.
With the Covid-19 pandemic impacting Ireland and the rest of the world since early 2020, Ireland’s property market buyers and sellers seem to have changed or reset their priorities thus leading to these distinct segments. With the widespread implementation of “work from home” options from employers being embraced by employees around the country, people have entered the property market with less restrictions upon them in terms of location. Previous data from other sources has seen a rise in property enquiries for coastal properties so this likely also feeds into this “lifestyle” segment.
Downsizers on the buy and sell side of the property market is likely an indication of how people have been impacted by the pandemic from a social and familial point of view. Extended families have had to isolate themselves from each other over long periods throughout this pandemic with government lockdowns; some families have children in other counties and so this pandemic has caused them to rethink their living situations.
