Irish property sales to UK buyers up 39% last year

Irish property sales to UK buyers up 39% last year

Irish property sales to UK-based purchasers boomed in 2013 were up by 39pc compared with 2012, according to a survey of Real Estate Alliance members.

The survey found that 20pc of overall enquiries now come from the UK and equate to an average 13pc of overall sales.

To capitalise on this interest, the group is running a property exhibition in the Hilton London Olympia on Saturday 22 February.

“UK buyers are to the fore of a nationwide resurgence in property sales, and this exhibition is a golden opportunity to advertise homes that are on the market,” said Philip Farrell, Real Estate Alliance CEO.

He said demand is being driven by the fact that the average property price in Ireland is now €157,000 compared to €211,000 in the UK.

The survey of agents found that 87pc of UK clients are cash buyers, with 75pc of enquiries to offices leading to completion of sales.

“These are figures unmatched in any other sector of the Irish property market today, and I urge those who wish to sell their homes to get in touch with their local REA agent so their properties can be showcased at this exhibition.

“The survey has found that 84pc of the UK buyers are aged 50 and over with the majority living in London and the south east. We have found a large number of our enquiries come from Irish emigrants wishing to return, with over half of them buying homes for their retirement.  However, we are also seeing a strong pick-up in English people looking for an affordable escape to the country.”

According to the survey, there is a mix in demand across the price ranges, with the largest interest reported in detached properties, generally in rural settings.

“A further 16pc are coming to live and work in Ireland and, interestingly, of those who are not retired, 29pc are buying in Ireland to work from home and continue their jobs in the UK.

“While holiday homes and change of lifestyle decisions make up a combined 23pc, 9pc of the properties our agents sold in this market in 2013 were for investment purposes.

“While the average year-on-year increase in trade from the UK came in at 39pc, some of our agents have reported rises well in excess of 50pc, which gives us great hope both for this exhibition and 2014 as a whole.”

Real Estate Alliance (REA) has almost 50 branches around the country.

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