Price of 3-bed rises yet again

Agents found 40% of sales directly linked to landlords leaving the market

The price of the average second-hand three-bed semi in Cavan has risen to €175,000, an increase of 4.2% in the last three months.

The Q2 update is according to a national survey by Real Estate Alliance, which also found that the average time taken to sell across the county fell by one week to an average of three weeks.

Agents in the county reported that 70% of properties were purchased by first time buyers, with buyers from outside of the county making up 33% of sales.

This quarter, agents found 40% of sales directly linked to landlords leaving the market.

Cavan town prices rose by 2.7% between April and June to €190,000, while Ballyconnell prices rose by 6.7% to €160,000 during the same period.

“Many landlords with one or two units are exiting the rental market for a variety of reasons,” said James Spring of REA Donohoe Spring. “With limited supply and high demand, we are seeing that property presentation is having a big effect on prices.

“Serious offers are being received very quickly after listing, and properties are going sale agreed within a short time frame.”

James adds that there is a lack of new builds coming to market.

“There is a good mix among buyer types: first timers; older people downsizing and moving into town; people relocating due to greater affordability and quality of life,” he says, adding that “fast broadband” remains a primary requisite among new property buyers.

“Many properties could be sold within the first two weeks, if vendors were willing.

“Cavan has a large variety in developments with wide differences in perceived desirability which leads to difficult averaging, but prices are definitely increasing steadily quarter-on-quarter, even though it may appear in some developments that it is not.”