The price of the average three-bed semi in County Westmeath is expected to rise by 5% in the next 12 months, according to a survey by Real Estate Alliance.

Three-bed semi-detached homes in the county now cost an average of €200,000, up €5,000 (2.6%) on the September figure, the Q4 REA Average House Price Index shows.

Westmeath is now one of seven counties nationwide where it takes just four weeks for such houses to sell.

The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide.

“In 2021, there will be a shortage of supply with excellent demand, which will drive prices upwards,” said Donna Hynes of REA Hynes, Athlone.

“It was a very strong end to the year considering the ongoing pandemic.”

REA agents now expect price rises of 5% in three-bed semis across Westmeath in 2021 – up 2% on the 3% increase which occurred in 2020.

Nationally, average house prices rose by almost 1.5% over the past three months in a market fuelled by a combination of record mortgage approvals and an unprecedented lack of supply, the Q4 REA Average House Price Index found.

The price of a three-bedroomed semi-detached house across the country rose by more than €3,000 over the past three months to €239,194 – an annual increase of 1.9%.

The biggest rises in Q4 came in Ireland’s secondary cities and the commuter counties – both of whom had experienced the least movement in prices over the preceding 18 months.

The price of a three-bedroomed semi-detached house in Dublin City rose by 0.6% to €431,833 during the past three months, an annual increase of 1.41%.

Cork, Limerick, Galway and Waterford cities shared a combined increase of 2.4% in the past 12 weeks with prices rising by €6,000 to an average of €262,500.

Commuter counties are now feeling the benefit of the migration towards space and home working potential, with three bed semis rising 2.2% by almost €6,000 on the Q3 figure to an average of €253,111.

Reflecting the flight to rural locations, prices in the rest of the country’s towns rose by 1.2% in 12 weeks to €165,397.