Increase in Irish Property Interest by UK Residents Amid No-Deal Brexit Concerns
Established in 1968, Charles McCarthy Estate Agents & Auctioneers celebrate fifty years in business this year. The McCarthy family has been in business in Skibbereen, Co Cork for four generations. As he reflects on the current trends in the property market, Charlie McCarthy, Managing Director at Charles McCarthy Estate Agents & Auctioneers, reports that since no-deal Brexit talks have intensified, UK residents are increasingly looking to relocate to Ireland to stay in the EU.
“Traditionally, the UK would have been a very strong market for us, but this has declined due to Brexit. However, interestingly, since talk of a no-deal Brexit has intensified enquiries have picked up from UK residents looking to leave and stay in the EU. Currency fluctuations tend to have a real impact on our business; when sterling and the dollar are strong, enquiries and sales to the UK and the US pick up significantly. We have also recently seen an increase in enquiries from the Chinese market,” said Mr McCarthy.
Speaking about the West Cork property market, Maeve McCarthy, Director at Charles McCarthy Estate Agent & Auctioneers, said: “In recent years, and especially as more people are going down the route of remote working in places like The Ludgate Hub in Skibbereen, West Cork is even more attractive to property buyers. The quality of life here is second to none; you no longer need to be in cities to have a thriving career and, with much shorter commute times, work-life balance is more achievable. To our clients, that is worth gold.”
“While there is increased interest from the UK, our buyers are still predominantly coming from within Ireland. Our housing stock is very varied from residential to commercial/retail, farms to period residences. On a number of occasions recently we have been retained to advise and negotiate for clients on a particular property they wish to purchase.”, continued Ms McCarthy.
Speaking about the biggest barrier to housing, Maeve McCarthy said: “One of the biggest barriers is the planning permission process, something has to be done about trying to make the process more streamlined. The cost of building is also a factor and the lack of financing, especially for smaller building contractors.”
“When I started out in business fifty years ago, most estate agents or auctioneers were not single entitles – they were attached to other businesses, such as public houses or undertakers. The profession has progressed significantly, not least with the introduction of the Property Services Regulatory Authority, which now ensures standards are met across the board in our profession,” concluded Charlie McCarthy.
Charles McCarthy Estate Agents & Auctioneers opened at the premises in 1968 and celebrates its fiftieth anniversary this year. In 1934, Charlie’s father, Charles J McCarthy established a garage and Morris Minor dealership where the current Charles McCarthy Estate Agents & Auctioneers premises is at 46 Bridge Street, Skibbereen, Co Cork. The family-run business of property service professionals at Charles McCarthy Estate Agents & Auctioneers services sellers and buyers from the Mizen Head to Clonakilty including coastal villages and islands.