Cavan house prices rise by 5.2 per cent in 3 months
The average second-hand three-bed semi in the county has increased to 202,500.
The price of the average second-hand three-bed semi in County Cavan has increased to 202,500, up 5.2% from €192,500 in the last three months, according to a national survey by Real Estate Alliance (REA).
Over the last three months, the average time taken to sell across the county was four weeks, the Q1 REA Average House Price Index shows.
Meanwhile, Ballyconnell prices rose 5.7% this quarter to €185,000, while prices in Cavan Town increased to €220,000, up 4.8% during this period.
“We are seeing a continuation of the same story this quarter - one of limited supply and increased demand,” said James Spring of REA Donohoe Spring. “Most landlords who are selling have sold already. This quarter we had only four new builds in Ballyconnell, listed at €315,000 for an A-rated semi, compared to €215,000 for a C-rated, 18-year-old semi in the same estate, which makes them only affordable thanks to help-to-buy.”
Mr Spring went on to say that a similar situation was emerging in Cavan Town. “It's similar with limited supply, and very few new houses which are significantly higher priced than second hand,” he continued before adding that second-hand stock in the county is good, and “presentation is particularly important”.
Elsewhere, the survey shows that across the county, 67% of purchasers were first-time buyers while a total of 40% of sales in the county this quarter were attributed to landlords leaving the market.
Agents across the county reported that the BER ratings of properties saw A-rated properties command 30% price increases in comparison to comparable C-rated properties.
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.
The actual selling price of a three-bed, semi-detached house across the country rose by 2.5% in the past three months to €338,847, and 10% overall annually. Three-bed semis in Dublin’s suburbs are reaching sale agreed in days as a wave of mortgage approved buyers turn their focus from apartments to family homes, the survey has found.