British ‘flocking’ to buy Cork properties
Holiday rental firm HomeAway.co.uk said that due to increased transport costs, British people are becoming more interested in owning homes closer to Britain.
A spokesperson for the company said it has seen “quite an increase” in the number of Irish holiday homes added on its site already this year, adding that British buyers are more interested in buying a holiday home in Ireland.
Director at Savills in Cork, Catherine McAuliffe, said there are certainly more British buyers in the market.
HomeAway.co.uk said it has seen a 24% hike in the number of Irish properties listed on its site in the first half of this year. It has also seen a 38% increase in the number of enquiries sent to properties in Ireland so far in 2011, compared to the same period in 2010.
Most of the British buyers are looking for larger homes, not the standard three-bed holiday home, according to Savills.
“Detached is popular and so are homes on some land close to larger towns such as Clonakilty or Skibbereen in west Cork or Kenmare and Killarney in Kerry for example. Like all other potential purchasers, value for money is key and many purchasers have done their homework before taking the time to come and view,” said Ms McAuliffe.
HomeAway.co.uk said that as well as the increased interest from British people in coming here, another reason for this hike might be that current holiday home owners in Ireland are renting out their properties in a higher proportion, to gain some extra income.
Director of consumer website moneycoach.ie, Frank Conway, said: “For some, especially those that live in prime tourist spots but which may have been overly affected by the economic downturn, the financial returns from renting out a home will have an immediate appeal.
“In some areas, getting €300 to €500 per week will provide them with a financial boost that may prove impossible otherwise, especially as employment remains a problem.”
Mr Conway said this phenomenon is not new:
“Today, the concept is likely to have some immediate attractions for homeowners who continue to struggle with falling wages and rising costs.
“However, unlike the 1980s, homeowners today continue to face stiff competition from a hotel sector where supply is more plentiful than ever and costs continue to fall.”
