18th Oct 2018
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.
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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.
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