UK buyers’ interest in Irish property soars

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The strength of sterling against the euro has resulted in a surge of enquires from UK-based purchasers enquiring about Irish property sales over the past two months.

A survey of Real Estate Alliance (REA) members shows that enquiries from the UK have increased by 13 per cent on average to agents outside of Dublin in the past two months.

And there has been a corresponding 25 per cent annual increase in enquiries about Real Estate Alliance properties listed on UK site rightmove.co.uk .

The boost will see REA, who have 55 branches across Ireland, bringing Irish property to a UK buyers’ market at the Alliance’s upcoming London Property Exhibition.

The exhibition takes place in the Millennium Gloucester Hotel and Conference Centre in central London on Saturday March 21.

“REA are bringing thousands of homes for sale to London, giving a host of UK buyers the chance to browse in comfort and talk to the experts on the ground,” said Philip Farrell, CEO of Real Estate Alliance.

“The exhibition will be a comprehensive one-stop shop for potential property purchasers with legal and financial experts joining a network of Real Estate Alliance agents from throughout Ireland, all with unique properties to show.

“The average UK home now costs £172,000 whereas in Ireland it is close to £130,000, and the strength of sterling is magnifying this.

“UK buyer interest is manifesting itself differently to the existing Irish market in a number of ways, with big surges in interest in many undervalued rural counties and also scenic and coastal locations.

“This presents many vendors with the opportunity of achieving better prices due to interest outside of the normal marketplace.

“Rural properties in the UK cost an average of £48,705 more than urban properties – quite the opposite of the Irish market.

“UK buyers are being priced out of rural properties in their own country, so for many their only chance of an ‘escape to the country’ is a move to our country.

“We are also seeing interest from UK investors who are priced out of their own market and feel that they have reached the top of their curve and are looking for capital growth and yield in Ireland.”

Further details on the REA London Property Exhibition, and a list of local agents, can be found on  www.realestatealliance.ie or send an email to register for the event at info@realestatealliance.ie.

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