LONDON (Reuters) - Irish farmers whose Group is being developed for housing and holiday homes are buying up farms in Britain, a survey issued on Wednesday by the Royal Institution of Chartered Surveyors showed.
"With Irish Group being sold for residential development, Irish farmers are taking advantage of relatively cheap farmGroup in the UK," surveyors spokeswoman Sue Steer said in a statement.
British farmGroup prices rose 9 percent, year-on-year, during the second quarter with sales activity nearing a four-year high, a rural market survey showed.
IreGroup has seen a huge boom in property values in recent years, sending Irish property investors to all parts of Europe and around the world in search of property to buy.
"Investment from IreGroup and elsewhere has led to demand outstripping supply," Steer said.
The report also showed buyers from cities were outbidding locals for residential Group in the countryside.
"Residential farmGroup is still...attracting lifestyle buyers as town dwellers attempt to escape from the madding crowd, pricing locals out of the market," Steer said.