Co Cork house prices rise 4.8% in three months

THE average asking price for a house in Cork County has continued on an upward curve, and at a considerably higher pace than that recorded over the first three months of 2017.

The Real Estate Alliance (REA) house price survey focusses on the sale price of Ireland’s typical stock home, the three-bed semi, giving a quarterly up-to-date picture of the Irish housing market.

According to the REA survey the average asking price of a house in County Cork rose by 4.8 per cent to €142,500 over the past three months.

That was compared to a rise of just 0.7 per cent between January and the end of March, when the average house price across the county stood at €126,000.

One area that threw up a particular surprise on the survey was Charleville, where the three-monthly increase was 7.5 per cent with average homes now costing €115,000.

Meanwhile, the price of an average three-bed semi in Cork City had risen by two per cent to €311,000 over the same period.

Nationally, the average semi now costs €215,269 an increase of 2.5 per cent on the quarter one figure of €209,944.

Overall, the average house price across the country has risen by 11.2 per cent over the past 12-months – in contrast to the 4.5 per cent increase registered over the first six months of last year.

The REA said that while new building is still in its infancy, new developments on sale in small pockets of the country have had an impact on the price and demand for second-hand properties locally.

“Agents have been reporting that where there are new homes available, the price of second-hand properties has been under pressure,” said an REA spokesman.