Price rise in Cavan but region remains in top five for value

In the past three months, County Cavan has seen the biggest percentage increase in the price of the average second-hand three-bedroom house in the country.

But despite prices rising by 5.6% from December until the end of March to a new high of €237,500, Cavan is still among the top five cheapest counties to buy a three-bed semi in Ireland.

That’s according to the latest national survey by Real Estate Alliance (REA).

The survey also found that Ballyconnell prices rose around five per cent this quarter to an average of €210,000 per unit; while prices in Cavan Town climbed six per cent during the same period to €265,000 a home.

In Monaghan, there has been no change in the price for the same type of property in the past three months.

In the past year, however, the price of an average three-bed semi in the Farney county rose by 6.4% and is registering today at €250,000.

The latest data from REA puts Cavan and Monaghan in fourth and fifth place respectively of the top five cheapest counties in Ireland to buy a three-bed semi.

Only Leitrim at €230,000, Longford at €225,000 and Donegal at €215,000 are cheaper than Cavan and Monaghan to buy the same type of house.

At the other end of the spectrum, after Cavan, the next highest percentage rise was recorded in County Laois at five per cent or €315,000, followed by Co Mayo where the price of an average three-bed semi has risen by four per cent to €285,000.

Meanwhile, in Dublin, in the past three months since December, the percentage increase was only 1.6% but the price of an average three-bed semi in the capital will set you back a staggering €595,453.

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 1.5% in the past three months to €364,747.

This represents a 7.67pc annual rise – slowing gradually from the nine per cent increase registered six months ago.

Local Cavan and Monaghan REA estate agents gave their view on what is affecting the market prices in their respective areas.

“There is currently limited supply, however there are some new builds in the pipeline,” said James Spring of REA Donohoe Spring, Ballyconnell and Carrigallen.

“After the quietest January for several years, the market picked up mid-February,” he continued.

“Most landlords who would like to sell have now sold, with only a small number remaining who want to sell but have long notice periods, and whose tenants are struggling to find alternative accommodation.

“We are predicting rent and sale prices peaking this year,” the experienced Cavan agent said.

Dermot Conlon of REA Gunne Property in Carrickmacross is expecting sales to pick up as we move through spring.

“The weather has had an impact on sales,” Mr Conlon said, “but the market has now stabilised, and hopefully after Easter it will pick up in earnest.”

Other notable statistics contained in the REA national survey is that homes in the country’s large towns rose by two per cent in this quarter and nine per cent annually to an average of €281,287; while prices in commuter counties rose by one per cent to €377,185.