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Property market spooked by interest rate worries

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Rising interest rates and ongoing supply problems are having a particularly negative impact on property market sentiment, according to a survey by MyHome.ie.

Two-thirds of respondents say they are worried that interest rate hikes will affect their ability to buy, up 20% compared to March when respondents were asked the same question.

Nearly three-quarters of respondents will look to power their home with renewable energy due to high energy costs, however of those who are looking to renovate or build, a similar percentage have seen their plans negatively affected by the cost of living crisis. "Given the sustained upward trajectory of interest rates, it is not surprising to see sentiment worsen, especially considering there is simply not enough supply in Ireland to satisfy demand," Ms Geary said.

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