The price of an average three-bedroom semi-detached house in Westmeath has risen by 2.04 per cent to €125,000 in the second quarter of 2015, according to a national survey carried out by Real Estate Alliance.
The REA Average House Price Index concentrates on the 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.
According the REA Hynes in Athlone, the market is going in the right direction and sentiment is noticeably improving. There is also an increase in the volume of transactions and the time for closing a sale is reducing.
The average semi-detached house nationally now costs €186,968, the REA Average House Price Index for the second quarter of the year has found – a slight fall on the figure of €187,153 for the first quarter.
However, the price of an average three-bed semi in Dublin city has fallen by over €19,000 in the past three months.
The price of an average three-bed semi in Dublin city has fallen by 5.02 per cent from €381,667 to €362,500 since the end of March as the new rules on mortgage lending begin to take effect on the market.
The new rules on mortgage lending for houses above €220,000 have contributed to an already apparent softening in the Dublin market, according to REA.
“Our survey measures house sales right up the end of June and what we are seeing are the first genuine effects of the mortgage deposit rules on the market,” said REA CEO Philip Farrell.
“The rules were brought in to take the heat out of the market, and they have done that, but combined with rising rents and the ending of the Capital Gains Tax exemption, they have had a supressing effect.
“The average three-bed semi price in the commuter counties and other major cities has continued to rise by 1.23 per cent since March and now stands at €202,882, as buyers seek out affordable commutable housing,” he added.