Cottages in poor repair at knockdown prices are still the most desirable buys for London Irish keen to buy a base back home. That's according to the members of Property Partners, a network of provincial estate agents who held an exhibition of Irish property in London last weekend.
Thousands of properties, from castles to cottages and with pubs, shops and B & Bs in between were on display to potential buyers with the strength of sterling on their side. The currency difference means UK buyers have 30 per cent more to spend and it was a point that was pushed home time after time by the Irish agents keen to make sales in the home market.
While many of the visitors were middle-aged ex-pats planning to retire home, there were plenty of younger viewers who are hoping to move to Ireland as a lifestyle change. Once such couple, who did not want to be named, were looking for a large period property in the Galway area. They told Galway agent Danno Heaslip that they have around £300,000 (€381,000) to spend. They intend to hold on to their London home as an investment, and were also looking to buy a flat or two in the UK as a further investment. "Our children are small and we want them to grow up in Ireland," they said. "But the rental market is strong in London and we don't want to transfer all our assets to Ireland."
Not too many buyers at the fair had that sort of purchasing power. Another couple seeking a holiday home in the west were dismayed to be told that their budget of £75,000 sterling would not buy them a picture-postcard cottage in Connemara. The Irish auctioneers are hoping UK buyers will snap up properties, because of the slowdown in the domestic market.
"There's certainly more of an air of realism now in Ireland," said Roscommon agent John Earley, who had a queue of people coming to his stand to view pubs, shops, businesses and houses in the midlands. "We've had quite a bit of interest in that sort of business," he says, pointing to a pub for sale at Ballaghaderreen in Co Roscommon. With an asking price in excess of £300,000 (€381,000), Mr Earley reckons it will provide a good living for a couple with a small family. "A pub like this can pull in over £3,000 (€3,810) a week, and that's as good a job as you will get in Ireland at the moment," he said.
Meanwhile, a new housing development on his books, Friars Walk, at Dunmore, outside Galway, was attracting some serious interest. The three and four-bedroom semi-detached houses are priced from £83,950 (€106,616), making them some of the most reasonably priced in the country. "Price is a major concern for people," he said. "They will buy if they feel they are getting good value, and that is a message we are getting right across the board at the moment."
At the other end of the price scale is Cloonacauneen Castle, a 13th century creeper-clad tower converted to a bar and restaurant. It is for sale at £800,000 (€1.01m) and while a number of Americans had made enquiries and offers, all interest has dried up since September 11th.
Most of the estate agents at the show had fat portfolios of cottages for sale. Known in the business as fixer-uppers, dilapidated cottages are available in most counties, from as little as £10,000 (€12,700). Many are left to quietly fall down after a farm or land has been divided up and sold off, others become available when their owners build brand new farmhouses near by.
In Glinsk, Co Roscommon, John Earley is seeking £27,000 (€34,290) for a two-storey farmhouse needing complete refurbishment at Derreen while at Creggs, Co Roscommon, a tiny one-bedroom house is on the market at £15,000 (€19,000).
Prices are higher in Tipperary, where a traditional three-bedroom farmhouse needing work at Kilclash is on the market at £60,000 (€76,200) through Shee & Hawe, while in Kilkenny, a similar farmhouse, this time refurbished and with 3.5 acres at Inchnalough, Ahenny, is for sale at £170,000 (€215,900) through the same agent.
In Waterford, Edmund Spratt & Son has a traditional cut-stone cottage at Mondeligo, Cappagh, with half an acre at £65,000 (€82,550), but prices jump closer the coast where the same agent is asking £120,000 (€152,400) for a bungalow needing partial refurbishment overlooking the sea at Ring. For around the same price, Laois agent William Mansfield was offering a handsome Georgian terraced house in the heritage town of Abbeyleix.
Donegal agent Paul Reynolds had one of the most charming properties of the show on his books - a refurbished old school-house near Letterkenny at Breenagh, Newmills. Treankeel National School, with two bedrooms, is for sale at £75,000 (€95,250).
"There are some people at this show today who have been at every show we have had in London over the last 10 years - they are the dreamers," said Mr Reynolds. "But there are genuine buyers too, professional people with £100,000 to £200,000 (€127,000-€254,000) to spend. After a few quiet months they are beginning to buy again but they are being cautious ."
The properties mentioned above can be viewed at www.propertypartners.ie
