Offaly house prices rise almost ten percent in twelve months - survey

The price of the average second-hand three-bed semi-detached home in County Offaly has risen by 9.6 percent in the past year, according to a national survey by Real Estate Alliance.

Three-bed semi-detached property prices in the county are now averaging €285,000, with homes reaching sale agreed within four weeks, according to local agents REA Hynes.

The price spike is in tandem with national premiums for similar properties which have increased by 1.6 percent in the past three months to €353,458, a 9.1 percent overall rise annually.

The Q3 REA Average House Price Index concentrates on the 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 announcement of a nationwide rent pressure zone has triggered a sharp increase in landlords exiting the housing market, the survey showed.

The Government’s announcement in June was followed by an immediate spike in landlord sales in many areas now included in the legislation.

REA agents in Carlow, Kerry and Waterford have reported that over 40 percent of their sales are attributable to landlords in the past three months, with that figure rising to 60 percent in Limerick city and 80 percent in Nenagh.

The REA survey also found that properties with a BER rating of A commanded an average 17 percent premium over C-rated stock, reflecting the rising attractiveness of retrofitted homes.

The rate of increase in Dublin has more than halved in the past three months, with REA agents reporting a marked drop in viewings in the capital and homes now taking five weeks or more to reach sale agreed.

Selling prices in Ireland’s major cities outside Dublin rose by 2.2 percent to an average of €368,492, an 8 percent annual increase.

Homes in the country’s large towns continue to show growth nationwide, 2.2 percent this quarter and 10.7 percent on last September to an average of €269,199.