The strength of sterling has seen enquiries about Irish property sales to UK-based purchasers increase significantly
3rd March 2015
The strength of sterling has seen enquiries about Irish property sales to UK-based purchasers increase significantly in the past two months, according to the Real Estate Alliance network.
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.
And there has been a corresponding 25% annual increase in enquiries about Real Estate Alliance properties listed on top UK site rightmove.co.uk.
Local REA agents will be among those bringing the best of Irish property for sale to 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 €236,635 whereas in Ireland it is close to €180,000, 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 €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 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 email@example.com.