Uncertainty after UK shock exit

IRELAND’S country home market is bracing itself for a drop in UK interest following their decision to exit the EU.

Celia Lamb, head of Country Homes and Estates with Ganly Walters, predicts that the change will depend on how much the sterling falls, but she hasn’t seen any immediate fall-out in the country homes market.

“In my personal opinion, we are still going to get the ex-pats that are always coming home for various reasons, whether it’s to educate kids, for a job or to retire. That will continue to be the case,” Lamb said.

“Whether their spending power will be weakened because of the drop in the sterling, well that remains to be seen.”

Lamb believes the British farmers will be heavily affected and that may cause farmers to move to Ireland.

“The farming point of view will be the most interesting. Like us, all farms in the UK are subsidised by CAP and single farm payments and entitlements, all of which comes from Europe. Most won’t survive without it.

“So will land prices fall in the UK and will they move to Ireland? It remains to be seen. Some businesses may move here, along with people which will be a benefit. It’s going to be an opportunity for Ireland.”

Meanwhile Paddy Jordan of Jordan Auctioneers, Newbridge, has noticed a slight stalling period. “There has been one or two people that have delayed coming across to view properties,” he said.

“It is very much a wait and see period, and there is certainly a bit of uncertainty, but I think it will settle after a few months. The hunting season over here is a major attraction, especially for properties like Longstone Stud in the heart of the well-known hunting areas.”