UK-based purchasers now make up 9% of all enquiries to estate agents’ offices, a nationwide property survey carried out by the Real Estate Alliance group has found. 10% of all enquiries from UK buyers are now directly related to Brexit – with 14% of subsequent sales directly due to jobs moving to Ireland. Agents reported that almost 50% of enquiries were from buyers in London or the South East of England – up from 40% in 2019, and indicative of a shifting jobs market.
Overall enquiries from the UK are up by an average of 16% among the 45% of agents experiencing an increase, while those reporting a decrease are seeing calls down by 7.5%. “UK buyers make up 9% of overall enquiries and 4% of sales in the Irish market, with each of our agents reporting an average of 3.2 sales to UK buyers last year,” REA Chairman Anthony McGee. “10% of enquiries to REA agents cite Brexit as a direct reason for clients moving to Ireland while 33% are coming to live and work in Ireland for reasons unrelated to Brexit. “Of those, 9% intend to commute to work in the UK, 21% will be working from home for UK companies and 70% will now be working in Ireland – the latter figure an increase of 12% on our previous survey in 2019.”
The survey also shows that 21% are buying for eventual or immediate retirement, 12% are looking for a change in lifestyle, and 7% are purchasing holiday homes. The UK buyer is split evenly between urban and rural markets with 55% of people looking for a standalone development. The biggest percentage of sales to UK buyers (24%) is between €300k-€500k, with 8% spending under €150k, 18% between €150k-€200k, 14% between €200k-€250k and 18% between €250k-€300k. 28% of UK buyers now have no connection with Ireland, which would be a change in historical patterns of enquiries and sales. Over 7,000 UK property buyers are being offered the chance to view thousands of Irish properties, and to talk to the people selling them, when REA exhibit at the UK Property Investor Show on April 3-4 at ExCel London.
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. If you are interested in listing your property the UK property show then please contact Anthony McGee from REA McGee on email@example.com or on (01) 5057700. For more information listing properties for the UK Property Investor Show see realestatealliance.ie/overseas.