UK property buyers are flocking to secure
their dream homes in Ireland, buoyed by a unprecedented strong pound with many rural
homes still undervalued compared to the UK, according to Real Estate Alliance.
The strength of sterling has seen enquiries
about Irish property sales to UK-based purchasers increase significantly in the
past two months.
A survey of REA members shows that
enquiries from the UK have increased by 13% on average to agents outside of
Dublin in the past two months, with many areas seeing a 25% increase in calls.
In fact, one REA agent in Bantry is
reporting a 50% increase in UK enquiries in the past eight weeks.
There has been a corresponding 25% annual
increase in enquiries about Real Estate Alliance properties listed on top UK site
rightmove.co.uk.
Now Irish property vendors are being given
the chance to cash in on this mini-boom by registering for the Alliance’s
upcoming London Property Exhibition.
REA are bringing thousands of properties to
London, giving a host of UK buyers the chance to browse in comfort and talk to
the experts on the ground.
The exhibition takes place in the
Millennium Gloucester Hotel and Conference Centre in central London on Saturday
March 21.
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
€236,635 whereas in Ireland it is close to €180,000, and the strength of
sterling is magnifying this,” said Real Estate Alliance CEO Philip Farrell.
“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 €67,000 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 a marked upsurge in UK interest
in large properties worth over €700,000 in commuter counties such as Meath and
Kildare.
“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.”
Real Estate Alliance (REA) is Ireland’s
leading property group of Chartered Surveyors with over 55 branches nationwide,
comprising many of the country’s longest-established auctioneers and estate
agents.
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.
Ends
Available for interview:
Philip Farrell, CEO Real Estate Alliance
086 250 3515 / philip@realestatealliance.ie
For further information on exhibition
contact:
Eimer O’Keefe, Real Estate Alliance
086 8249040 / eimer@realestatealliance.ie
Media information:
Darren Hughes, MediaConsult 086 2937037 /
darren@mediaconsult.ie
