Price of an average 3-bedroom semi in county now €160,000

THE price of the average three-bed semi in County Wexford has risen 6.7 per cent to €160,000 in the last three months, according to a national survey carried out by Real Estate Alliance.

And prices in the county have risen by 14.3 per cent from an average of €140,000 last March, the survey has found.

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 property market in towns and cities countrywide for the first three months of the year.

‘Prices have taken a significant jump in the first quarter due to an increase in demand and a particular decrease in supply,’ said Robert McCormack, of REA McCormack Corish, Wexford.

Overall, the average house price across the country has risen by 10.9 per cent over the past 12 months – a marked increase on the 7.7 per cent rise registered to the end of December 2016.

The average three-bed semi-detached in Dublin city now costs €404,167, a rise of €15,000 (3.9 per cent) in the last three months and an increase of 12.8 PER CENT over the past year, the Q1 REA Average House Price Index has found.

The easing of the Central Bank restriction on lending for first-time buyers has had an immediate effect on the market with a large rise in numbers at viewings and potential buyers with mortgage financing.