County sees nine per cent rise in local house prices

County Cavan boasts the third cheapest house prices in the country according to a new survey.

The Residential Property Price Barometer from the Institute of Public Auctioneers and Valuers (IPAV) shows the average price in the county over the first six months of the year stands at €140,000.

This compares to the Dublin 4 area, which has an average price of €845,833.

Neighbouring county Longford has the the cheapest houses in the country at an average of €123,333.

The figure is calculated using an average of prices for two-bed apartments and three and four-bed, semi-detached houses.

However, the report warns Cavan’s trend of relatively low prices may not continue as it saw an increase of 9.09% in prices in the first half of the year.

The average price of a three-bed, semi-d in Cavan stands at €150,000.

By comparison, Longford had an average price of €145,000, Leitrim stands at €155,000, Monaghan saw an average of €183,334.

This compares with €208,334 in Westmeath and €275,000 in Meath - the highest average price in the region.

Average prices for a two bed apartment in Cavan stand at €95,000, with a four-bed semi at €175,000, according to the survey.

Chief Executive of IPAV Pat Davitt has warned there’s “an acceleration in house price increases”, with double-digit growth in some parts of the country and counties like Cavan not far behind.

The Castlepollard businessman has said there needs to be more of a focus on affordability in the sector.