The price of the average three-bed semi in County Sligo has risen to €205,000, up 3.8% from €197,500 in the last three months, according to a national survey by Real Estate Alliance.

Across the county this quarter, the average time taken to sell has fallen by one week to an average of four, the REA Average House Price Index shows.

Agents in the county reported that this quarter, 25% of properties were purchased by first time buyers, with buyers from outside of the county making up 10% of sales.

This quarter, agents found that 15% of sales are directly linked to landlords leaving the market. 

In Sligo town, prices this quarter rose 4.2% to €250,000, while prices in Tubbercurry rose 3.2% over the past three months to €160,000.

“Lack of supply of new homes is putting upward pressure on second-hand house prices,” said Roger McCarrick of REA McCarrick & Sons.

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.

The actual selling price of a three-bedroom, semi-detached house across the country rose by 1.3% over the quarter to €297,056 – representing an annual increase of 6.6%.

The price of a three-bed semi in Dublin city has hit €500,000 for the first time, rising by by 0.3% in the past three months. They are now 14% ahead of their €431,000 Celtic Tiger peak level, with demand being largely driven by first-time buyers in an otherwise cautious market.

Time taken to reach sale agreed nationally has risen to six weeks as REA agents reporting that pricing levels are key in a sensitive market.

Cities outside Dublin experienced a 1.53% rise to an average selling price of €315,000 – an increase of 8.9% in the past 12 months.

Commuter areas rose by 0.4% to €315,389, with 41% of buyers coming from outside the county, a large proportion of them from the capital, with 72% of sales to first-time buyers.

The highest three-bed semi price rises came in the country’s main towns which rose by 2.24% in the past three months to an average of €216,517, with time taken to sell at five weeks.

Areas that attract holiday home buyers have noted an increase in UK or cross border interest with examples such as Bantry and Bundoran both recording €5,000 average increases in the past three months.