Just one in 10 people is "very concerned" about interest rates, despite several half-point rate rises adding hundreds of euro to average mortgage repayments, a survey has found.
The survey published today suggest 76 per cent of Irish people expect interest rates to rise by between 0.5 per cent and 1 per cent in the next 12 months.
A total of 35 per cent of those surveyed expect house prices to fall by 5 per cent in the course of the next year.
A total of 30 per cent of respondents said they were "concerned" as future rate rises may mean that they have to cut back on spending on other items.
However, just 9 per cent of people reported being "very concerned" about further interest rate rises. A total of 28 per cent reported being "unconcerned" or only "slightly concerned" about rate rises as interest rates were still quite low.
Asked what action they would take to lessen the impact of further rate rises, 25 per cent said they would remortgage in order to obtain a lower interest rate, 14 percent would consider letting out a room in their home, 11 per cent would consider selling their property and just 4 per cent said they would let the entire property while they lived elsewhere.
The survey was carried out by Amárarch Consulting on behalf of Simply Mortgages.