Mayo house prices increase by 4 per-cent in three months

The price of the average second-hand three-bed semi-detached house in Mayo rose by 4 per-cent to €285,000 in the last three months, according to the latest REA national survey.

Across the county, the average time taken to reach sale agreed was six weeks, the Q1 REA Average House Price Index shows.

“The number of viewers are down on houses requiring work,” said Robert McGreal of REA McGreal Burke.

“However, there is still buoyant demand for well-finished houses in good locations.”

The survey shows that across the county, 35 per-cent of purchasers were first-time buyers, while a total of 25 per-cent of sales in the county this quarter were attributed to landlords leaving the market.

Additionally, the survey found A-rated BER properties in the county are commanding 10 per-cent price increases in comparison to C-rated properties.

The REA Average House Price Index concentrates on the sale price of Ireland's typical stock home, the three-bed semi-detached, 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 per-cent in the past three months to €364,747.

This represents a 7.67 per-cent annual rise – slowing gradually from the 9 per-cent increase registered six months ago.

With energy prices coming into focus, agents are reporting that there is a renewed focus on heating costs, with the A-rated v C-rated BER price premium rising to 13 per-cent, up from 10 per-cent at the end of December.

Homes in the country’s large towns rose by 2 per-cent this quarter and 9 per-cent annually to an average of €281,287, while prices in commuter counties rose by 1 per-cent to €377,185.