The price of the average second-hand three-bed semi in County Louth is predicted to increase by 1pc in 2024, according to a national survey by Real Estate Alliance.

Three-bed semi-detached homes in the county now cost an average of €267,500, up 3pc on the December 2022 average of €260,000, the Q4 REA Average House Price Index shows.

County agents reported that first time buyers made up 72pc of the market in Q4, and 8pc of sales during this period were attributed to landlords selling properties.

In Q4, 55pc of sales in Louth were made by buyers from outside of the county, with Drogheda agents reporting 80pc of sales as belonging to this category.

In Drogheda, average prices rose 1.8pc in 2023 to €285,000.

“There has been a shortage of second-hand stock during the course of 2023 which is set to continue during 2024,” said Darina Collins of REA O’Brien Collins, Drogheda.

“Energy efficiency will continue to plan an ever-important part in the appeal of a property.”

The average price in Dundalk rose to €250,000 in 2023, an increase of 4.2pc.

“We are currently seeing an understocked market,” said Michael Gunne of REA Gunne Property, Dundalk.

The REA Average House Price Index concentrates on the actual 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.

Three-bed semi prices nationally will rise by 3pc in 2024, estate agents across the country are predicting.

A record shortage of supply has driven a 1.5pc rise in the last three months in the capital, but only in houses under a certain price, the index found.

House prices in Dublin and the other cities outpaced Ireland’s large towns and commuter counties as mortgage approved buyers chase properties within their price ceiling.

The actual selling price of a three-bed, semi-detached house across the country rose by 1pc in the final quarter of 2023 to €304,259 – representing an annual increase of 4.3pc.

Time taken to reach sale agreed nationally is steady at five weeks as low supply continues to drive sales in an increasing interest rate environment.

Prices in Dublin city rose by 1.5pc in the last three months, meaning that the average three-bed semi in the capital is now selling at €511,667 – an increase of 3pc in the last year.

Mortgage-approved first-time buyers are still the main market drivers, with 59pc of sales nationally – a figure that rises dramatically to over 80pc in commuter counties as they hunt suitably priced properties.

Cities outside Dublin experienced a 1.73pc rise in the past three months to an average selling price of €323,000 – with the annual rate of increase of 4.5pc.

Homes in the commuter belt showed the most stability in 2023, rising by just 2.2pc to €319,722, with counties within travelling distance of the capital recording growth of just 0.2pc in the past three months.

The biggest annual rise came in large towns nationwide, which rose by 6.6pc annually and 1.2pc in the quarter to €223,638.