Irish property sales to UK-based purchasers boomed in 2013 with one national estate agency survey reporting a 39% increase in business over 2012.

Irish property sales to UK-based purchasers boomed in 2013 with one
national estate agency survey reporting a 39% increase in business over
2012. A survey of Real Estate Alliance members nationwide reported that 20% of their overall enquiries now come from across the water – equating to an
average 13% of their overall sales.

 

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.

 

The exhibition takes place in the Hilton London Olympia on Saturday
February 22 – the day Ireland face England at Twickenham in the Six
Nations rugby championship.

“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.

"The average property price in Ireland is now €157,000 compared to
€211,000 in the UK, so there is real value in the market, which is driving
demand."

Real Estate Alliance (REA) is Ireland’s leading property group of
Chartered Surveyors with almost 50 branches nationwide, comprising many of
the country’s longest-established auctioneers and estate agents.
“A survey of our agents has found that 87% of UK clients are cash buyers,
with 75% of enquiries to offices leading to completion of sales,” said Mr
Farrell.

“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 84% 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.

“While there is a strong mix across the price ranges, we are seeing the
largest interest reported in detached properties, generally in rural
settings.

“A further 16% are coming to live and work in Ireland and, interestingly,
of those who are not retired, 29% 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
23%, 9% of the properties our agents sold in this market in 2013 were for
investment purposes.

“The quality of the UK buyer has been consistent across the survey, with a
high number being reported as genuine buyers.
“While the average year-on-year increase in trade from the UK came in at
39%, some of our agents have reported rises well in excess of 50%, which
gives us great hope both for this exhibition and 2014 as a whole.”
Further details on the REA London Property Exhibition, and a list of local
agents, can be found on www.realestatealliance.ie