IRISH homeowners in London could benefit from a €500,000 windfall upon returning to Ireland, according to new research.
The property boom in Britain, lower house prices in Ireland and the strength of the British Pound could pocket Irish families a huge sum when they move home, say property consultants Savills Ireland.
Even Irish expatriates in the English capital that have not bought properties, can take advantage of the strong currency exchange between the British Pound and the Euro when returning to Ireland.
Dr John McCartney, Director of Research at Savills, said: “Amazingly, average house prices in Dublin were 16 per cent higher than those in London back in 2008.
“However the UK property boom has led to a 68 per cent increase in average London prices which now stand at around £513,000.
“Coupled with declining values in Ireland and the strength of the Pound, this means Dublin prices have fallen 61 per cent behind those in London.”
Therefore the immigrant Irish population in London who bought houses when the property market was thriving could make a substantial profit if they were to now buy back in Dublin or elsewhere in Ireland.
McCartney added: “Consequently, anyone who bought an average London property at the right time and now wants to buy back in Dublin would realise windfall gains of over €500,000 – not including taxes and fees.”
The property company also suggest that this financial draw and the improving economy in Ireland will help to boost migration into the country from Britain.
Recent CSO figures show a 14 per cent increase in people arriving in Ireland from April 2014- April 2015, with over 10,000 people coming from Britain.
