Cost of an average three-bed semi in Cork city has risen to €305,000

THE price of an average three-bed semi-detached house in Cork city has risen by 3.4pc to €305,000 in the last three months.

That's according to a national survey carried out by Real Estate Alliance who said there is a strong demand with limited supply in mature and popular residential areas.

The survey also revealed that the price of an average three-bed semi in County Cork has risen to €136,000 in the last three months-boasting a 7.9 pc increase in the last three year alone.

"At last we are beginning to see more activity in the construction of new homes,” Michael O’Donoghue from REA O’Donoghue Clarke said.

“We are seeing a steady increase in values and the easing of the Central Bank lending rules and the Help-to-Buy Scheme should have an effect in relation to first-time buyers."

"However, difficulties will still remain for the second-time purchaser in relation to the 20pc deposit requirement over €220,000.” 

The average semi-detached house nationally now costs €209,944 as revealed in the REA Average House Price Survey – a 3.5pc rise on the 2016 figure of €202,926.

Overall, the average house price across the country has risen by 10.9% throughout the past 12 months – a marked increase on the 7.7pc rise registered at the end of December 2016.

The biggest percentage increases over the past year came in the country’s smaller rural towns situated outside of Dublin, the commuter belt and the major cities.

Here prices increased by an average of 12.9pc over the year, with a three-bed semi now costing €136,194 – an increase of 3pc in the past three months.

John O’Neill from REA Celtic Properties in Bantry. said: “We are experiencing an element of ‘wait and see’ from UK buyers at the moment.“

"Availability of saleable properties in and around our towns and village is also becoming a problem.” 

The average semi-detached house nationally now stands at €209,944, the Q1 REA Average House Price Survey has found – a rise of 3.5% on the 2016 figure of €202,926.

The average house price across the country has risen by 10.9pc over the last 12 months – a marked increase on the 7.7pc rise registered to the end of December 2016.