REA urges Tipperary property vendors to register for London exhibition

Survey finds 39% rise in Irish property sales to UK buyers in 2013.

Irish property sales to UK-based purchasers boomed in 2013, with one national estate agency group reporting a 39% increase in business over 2012.

A survey of Real Estate Alliance members nationwide reported that 20% of their overall enquiries now come from across the water –equating to an average 13% of their overall sales. Now Irish property vendors are being given the chance to cash in on this mini-boom by registering for the Alliance’s upcoming London Property Exhibition. The exhibition takes place in the Hilton London Olympia on Saturday February 22 – the day Ireland face England at Twickenham in the Six Nations rugby championship. “UK buyers are to the fore of a nationwide resurgence in property sales, and this exhibition is a golden opportunity to advertise homes that are on the market,” said Philip Farrell, Real Estate Alliance CEO. “The average property price in Ireland is now €157,000 compared to €211,000 in the UK, so there is real value in the market, which is driving demand.” Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with almost 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents. “A survey of our agents has found that 87% of UK clients are cash buyers, with 75% of enquiries to offices leading to completion of sales,” said Mr Farrell. “These are figures unmatched in any other sector of the Irish property market today, and I urge those who wish to sell their homes to get in touch with their local REA agent so their properties can be showcased at this exhibition. “The survey has found that 84% of the UK buyers are aged 50 and over with the majority living in London and the south east. “We have found a large number of our enquiries come from Irish emigrants wishing to return, with over half of them buying homes for their retirement. “However, we are also seeing a strong pick-up in English people looking for an affordable escape to the country. “While there is a strong mix across the price ranges, we are seeing the largest interest reported in detached properties, generally in rural settings. “A further 16% are coming to live and work in Ireland and, interestingly, of those who are not retired, 29% are buying in Ireland to work from home and continue their jobs in the UK. “While holiday homes and change of lifestyle decisions make up a combined 23%, 9% of the properties our agents sold in this market in 2013 were for investment purposes. “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.” Further details on the REA London Property Exhibition from REA Eoin Dillon; REA Seamus Browne; REA John Lee; REA Stokes or www.realestatealliance.ie.

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