UK buying interest in property is growing very strongly, according to Real Estate Alliance, who showcased local properties at a massive property exhibition in London last weekend.
REA agents were among those who brought local properties to the London Investor Property Show in The ExCel Exhibition Centre, which had an attendance of 7,000 investors.
“The UK market that has increased by 12% over the past year and REA were the sole Irish exhibitors at this influential expo,” said Mr. Anthony McGee, Vice-Chairman of REA.
Over 74% of estate agents have seen an increase in enquiries from the UK over the past year, a nationwide Brexit property survey carried out by the Real Estate Alliance group has found.
“UK buyers have money to Invest and are seeking opportunities outside their country.
“Ireland is their closest neighbour, we share a common language and has a property market that UK buyers can easily understand and access.
“We saw the greatest demand for investments that yielded 6.5% or better and also from buyers who are seeking Rural Homes who see Ireland as a viable and affordable option.
“We will be hosting viewings for these buyers over the coming weeks and if you have a property that might fall into those categories contact your local agent on REA.ie”
“UK buyers make up 10% of overall enquiries and 6% of sales in the Irish market, with my colleagues in REA reporting an average of 4.3 sales to UK buyers last year.
“30% of enquiries to REA agents cite Brexit as a direct reason for clients moving to Ireland while 21% are coming to live and work in Ireland for reasons unrelated to Brexit.
“Of those, 15% intend to commute to work in the UK, 27% will be working from home for UK companies and 58% will now be working in Ireland – the latter figure an increase of 12% on the previous survey.”
The survey also shows that 23% are buying for eventual or immediate retirement, 8% are investors, 8% are looking for a change in lifestyle, and 9% are purchasing holiday homes – a market that has been hit by the fall in sterling value and remains unchanged over the past six months.
The typical UK buyer is looking for a rural property (54%) with 66% of people looking for a standalone development.
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.