More British property buyers

The number of British-based buyers of Irish property surged by nearly 40% last year, with more than half being accounted for by retirees looking to set up home here.

A survey of its members by nationwide property group Real Estate Alliance shows that 20% of all enquiries are now coming from the UK, equating to an average of 13% of their overall sales.

The interest from across the Irish Sea is purely based on residential property; but interestingly only 9% or so is for pure investment purposes. According to REA chief executive, Philip Farrell, as many as 52% of Britons enquiring about Irish-based property are doing so with the view to live here in their retirement. Around 15% are looking for holiday homes here and 8% want a lifestyle change.

“UK buyers are to the fore of a nationwide resurgence in property sales. We can only see this growth continuing, as long as they continue to perceive value,” he added.

Mr Farrell pointed out that the average residential property price in Ireland currently stands at €157,000, compared to €211,000 in the UK.

“There is real value in the market, which is driving demand [from Britain]”.

Over 80% of Britons looking at Ireland are aged between 50 and 65, suggesting they are planning for their retirement. Furthermore, 75% of enquiries are leading to an actual sale and 87% of transactions are cash-based. Around 40% of people are looking at properties of up to €100,000 in value, while the remainder have a €200,000 ceiling. Much of the interest is in detached, rural properties. Returning ex-pats also make up a chunk of the UK-based interest.

REA is holding an Irish property exhibition in London on Feb 22 to further showcase Ireland’s attractiveness to UK-based buyers.

“The quality of the UK buyer has been consistent across the survey, with a high number being reported as genuine buyers. While the average year-on-year increase in trade from the UK came in at 39%, some of our agents have reported rises well in excess of 50%, which gives us great hope both for this exhibition and 2014 as a whole,” Mr Farrell added.

A PwC report earlier this week noted that Dublin will be the second most attractive property market in Europe by the end of 2014, as investors become increasingly attracted to Ireland in light of improving economic conditions and prices.