Three bed semi-deteached homes rise by more than fifteen per cent

The price of an average three-bed semi in Mayo rose by 15.15 per cent in 2014, according to a national survey carried out by Real Estate Alliance. The Real Estate Alliance Average House Index concentrates on Ireland's typical stock home, the three-bed semi, giving an accurate picture of the property market in towns and cities countrywide.

The average three-bed semidetached house in Mayo now costs €190,000, with the market staying flat in quarter four from September to December, and houses now taking three weeks to sell, down from six weeks in June 2014. REA Olivia Needham in Mayo is predicting a rise of five per cent in prices in 2015, following the ending of the uncertainty over the Central Bank’s mortgage deposit rules.

Nationally, the average three-bed semi now costs €184,713, the latest REA survey has found – a rise of 2.63 per cent on the quarter-four figure of €179,981.

“Our survey shows that in all areas of Dublin, parts of Cork city, Galway city, north Wicklow, and Kildare, the price of the average semidetached house exceeds the Central Bank’s new threshold of €220,000 at which banks can lend 90 per cent of the value,” said Real Estate Alliance CEO Philip Farrell.

Real Estate Alliance (REA ) is Ireland’s leading property group of chartered surveyors with more than 50 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.

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