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 email@example.com.