House price growth to continue says REA

RISE Average semi-d now €145K

House prices in Cavan are expected to rise by 5% over the course of 2022, according to a property chain.

The latest Real Estate Alliance report shows prices in the county increased by 14% over the past year.

Three-bed semi-detached homes now cost an average of €145,000, up on the December 2020 average of €127,500, the REA Average House Price Index shows.

The survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, something the organisation feels gives an up-to-date picture of the second-hand property market in towns and cities countrywide.

Landlords exiting market

The report also shows landlords exiting the market have accounted for almost one in four home sales over the past three months.

Cavan Town prices rose by 7% over the year but were static in the last three months. The average price there now stands at €160,000, with properties taking four weeks on average to sell.

Prices in Ballyconnell remained unchanged in quarter four of 2021, having risen by 24% to €130,000 in 2020, with properties in the area also selling in an average of four weeks.

Average house prices rose by 2.24% nationally in the last three months of 2021, half the rise experienced between June and September as demand eased and the market calmed.

The price of a three-bedroomed semi-detached house across the country rose by €5,900 over the past three months to €269,963. That represents an annual increase of 13%.

Remote working

Remote working measures and ‘hybrid’ working have continued to have an impact across the country, with selling prices rising in commuter areas (3.34%) and the country’s large towns (2.57%) as people aim to move out of the capital.

The commuter area increases are three times those in the major cities, with Dublin increasing by 1% and Cork, Limerick and Galway by an average of 0.8%.