Thursday, January 14, 2021

The price of the average three-bed semi in County Roscommon is expected to rise by 4% in the next 12 months, according to a survey carried out by Real Estate Alliance.

Prices in the county increased by 3.4% between September and December to €150,000, the Q4 REA Average House Price Index shows.

Average three-bed semis rose by €5,000 as the option to work from home incentivises buyers to move away from urban centres.

“As the market is so good, better stock has come to the market as people are feeling confident about selling,” said Seamus Carthy of REA Seamus Carthy, Castlerea and Roscommon Town, where time taken to sell fell from 10 weeks to four this quarter.

“The market is buoyant across the residential sector, and the real traction is the detached family home market where results have outstripped expectations.

“The ability for people to work from home is a game changer and this is really helping the market, as it is now pushing people to move to the country.”

The REA Average House Price Survey concentrates on the actual 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.

Average house prices rose by almost 1.5% nationally over the past three months in a market fuelled by a combination of record mortgage approvals and an unprecedented lack of supply, the Q4 REA Average House Price Index found.

The price of a three-bedroomed semi-detached house across the country rose by more than €3,000 over the past three months to €239,194 – an annual increase of 1.9%.

The biggest rises in Q4 came in Ireland’s secondary cities and the commuter counties – both of whom had experienced the least movement in prices over the preceding 18 months.

The price of a three-bedroomed semi-detached house in Dublin City rose by 0.6% to €431,833 during the past three months, an annual increase of 1.41%.

Cork, Limerick, Galway and Waterford cities shared a combined increase of 2.4% in the past 12 weeks with prices rising by €6,000 to an average of €262,500.

Commuter counties are now feeling the benefit of the migration towards space and home working potential, with three bed semis rising 2.2% by almost €6,000 on the Q3 figure to an average of €253,111.

Reflecting the flight to rural locations, prices in the rest of the country’s towns rose by 1.2% in 12 weeks to €165,397.

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