Three-bed semi Ds in Cavan making averaging €182K

SURVEY Prices grow in first quarter with six in ten purchasers first-time buyers

The price of the average second-hand three-bed semi in County Cavan has increased to €182,500, up 2.8% from €177,500, in the last three months, according to a national survey by Real Estate Alliance.

Over the last three months, the average time taken to sell across the county has decreased by one week to a total of six weeks, the Q1 REA Average House Price Index shows.

Across the county 60% of purchasers were first-time buyers, and 35% of purchasers were from outside of the county. Six out of ten sales in the county in the first quarter of the year were attributed to landlords leaving the market.

Ballyconnell prices rose by 3.1% this quarter to €165,000; while prices in Cavan Town increased by 2.6% to an average of €200,000 during this period.

“Very little has changed from the end of 2023 except an increase in price,” said James Spring of REA Donohoe Spring.

“Some developments are achieving substantially higher than others, and January was slow but things have got busy since mid-February. Prices vary between developments with the limited supply of new builds reaching much higher prices.”

The actual selling price of a three-bed, semi-detached house across the country rose by 1.3% in the first quarter to €308,235.

The REA Average House Price Index concentrates on the sale price of Ireland’s typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.

Time taken to reach sale agreed nationally is steady at five weeks as historically low supply continues to drive sales - amidst a belief that interest rates may have peaked.

“There continues to be strong demand throughout the country as buyers compete for the lowest supply of residential property in two decades – despite the high level of values and interest rates,” said REA spokesperson, Barry McDonald.

“On the positive side for potential homeowners, the Vacant Property Refurbishment Grant has finally kicked in, opening up a market for homes in need of improvement.

“These were the type of property previously really hard to sell with people afraid of refurbishment costs, limiting the market to builders and developers,” he said.

If a home is declared vacant for two years or more, and it qualifies under the scheme, buyers can avail of a grant for refurbishment of up to €50,000 or a maximum of €70,000 if there is a structural issue.

Mortgage-approved first-time buyers are still the main market drivers, accounting for 59% of sales nationally.

Major cities outside the capital experienced the highest rise in the Q1 survey – up by an average of over €5,000 in the last three months. The 1.8% increase is equivalent to an average selling price of €328,750 – with the annual rate of increase at 6%.