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Image / Editorial

Increase in Irish house sales to UK buyers as Brexit approaches


By Grace McGettigan
18th Oct 2018
Increase in Irish house sales to UK buyers as Brexit approaches

Sales of Irish houses to UK buyers have risen by approximately 10%, a new property survey has found. The research, which was carried out by the Real Estate Alliance group, found Brexit was one of the primary reasons for this increase.

Related: House hunting in Dublin 4? May the odds
(and the real estate agents) be ever in your favour

Almost half of all estate agents in Ireland have noticed the trend; saying 17% of all property transactions with UK buyers are directly related to Brexit, while 12% of sales are due to British people moving here for work.

Research shows almost 40% of enquiries were from buyers in London or the South East of England.

What they’re looking for

According to the report, the typical UK buyer is looking for a rural property, with 67% of them opting for a standalone development. What’s more, they’re willing to spend more than the average house price for what they want; at least €15,000 more.

REA’s survey shows 20% of property sales to UK buyers are between €250k–€300k, while 22% are between €300k–€500k, despite the average house in Ireland costing €234,824.

It seems more than a quarter of these UK buyers are planning to retire to Ireland in the future, even those who have no familial link to this country. “While 52% of enquiries are coming from returned emigrants, 28% have no previous connection with the country, which we would note as a significant shift,” said REA spokesperson Barry McDonald.

While this will come as a financial boost to the property sector, it’s nonetheless adding increased pressure to the already-stretched market.

Related: 

  • ‘I’ll probably die on these streets’ Why homelessness isn’t just a housing problem… click here.
  • These apartments are the reason I still live with my parents… click here.