Mayo house prices rise 15% in 12 months - REA survey
THE price of the average second-hand three-bed semi in County Mayo increased by 15% in the past year, according to a national survey by Real Estate Alliance (REA).
The average semi-detached house in the county is now selling at €265,000 - unchanged in the last three months, the REA Average House Price Index shows.
The average home is now reaching sale agreed in four weeks, down from five in Q2, with 40% of homes being purchased by first-time buyers.
Low supply figures have shaped the market in recent months, said Robert McGreal of REA McGreal Burke in Castlebar.
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 announcement of a nationwide rent pressure zone has triggered a sharp increase in landlords exiting the housing market, the survey showed.
The government’s announcement in June was followed by an immediate spike in landlord sales in many areas now included in the legislation.
REA agents in Carlow, Kerry and Waterford have reported that over 40% of their sales are attributable to landlords in the past three months - with that figure rising to 60% in Limerick city and 80% in Nenagh.
The REA survey also found that properties with a BER rating of A commanded an average 17% premium over C-rated stock - reflecting the rising attractiveness of retrofitted homes.
The actual selling price of a three-bed, semi-detached house across the country rose by 1.6% in the past three months to €353,458 - a 9.1% overall rise annually.
The rate of increase in Dublin has more than halved in the past three months, with REA agents reporting a marked drop in viewings in the capital and homes now taking five weeks or more to reach sale agreed.
Selling prices in Ireland’s major cities outside Dublin rose by 2.2% to an average of €368,492 - an 8% annual increase.
Homes in the country’s large towns continue to show growth nationwide - 2.2% this quarter and 10.7% on last September to an average of €269,199.