Relocation homebuyers head to the west

The Coronavirus pandemic has encouraged a new exodus of homebuyers to relocate to the west, with remote working now a viable option for many employees.

Galway’s busiest auctioneer has noticed increased interest in properties in the city and county from workers relocating from Dublin, its commuter belt and the Midlands.

The availability of high-speed broadband, which can facilitate working from home, is a determining factor in many homebuyers’ decisions to move to the West.

But the high cost of renting remains the single biggest incentive for people to get on the property ladder, according to Niall Browne, senior sales negotiator at O’Donnellan and Joyce Auctioneers.

“People are paying such high rent that it’s the equivalent to a mortgage repayment and that’s when you buy. That’s the biggest incentive to buy – you’re not giving away dead money,” Mr Browne said.

The property market locally had quietened in the initial months of the Covid-19 lockdown – but it has been buoyant in the past two months in particular, he said.

Mr Browne suggested there was an element of pent-up demand for housing that was now being realised as the Covid lockdown restrictions focused people’s minds on their desire to purchase a home.

“We typically try to get eight to ten sales per month by private treaty, and we had 28 or 29 last month. The previous month was six and the previous month was eight. This month (July) we’re up to 26, and that’s outside of our auction,” he said.

Get the full story in this week’s Connacht Tribune, on sale in shops now. You can also purchase a digital edition here.