Mayo house prices rise 15 percent in 12 months

The price of the average second-hand three-bed semi-detached house in Mayo has increased by 15 percent in the last year, according to a national survey by Real Estate Alliance. 

The average semi-detached house in Mayo is now selling at €265,000, maintaining this average for the last three months, the REA Average House Price Index shows. 

The average home is now reaching sale agreed in four weeks, down from five in Q2, with 40 percent of homes being purchased by first-time buyers.

Robert McGreal of REA McGreal Burke in Castlebar says that low supply figures have shaped the market in recent months. 

The REA Average House Price Index focuses on the sale price of Ireland’s typical stock home, the three-bed semi-detached house. This can give an accurate detailing of the second-hand property market in towns and cities across the country.

Following the announcement of a nationwide rent pressure zone, there has been a sharp increase in landlords exiting the housing market. Additionally, there has been an immediate spike in landlord sales in many areas now included in the legislation. 

According to REA agents in Carlow, Kerry, and Waterford, landlords have been responsible for more than 40 percent of their sales over the last three months; in Limerick City, that percentage rises to 60 percent, and 80 percent in Nenagh.

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

The actual selling price of a three-bed, semi-detached house across the country rose by 1.6 percent in the past three months to  €353,458, a 9.1 percent overall rise annually. 

Over the past three months, the rate of increase in Dublin has more than halved, 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 of Dublin rose by 2.2 percent to an average of €368,492, which is an 8 percent annual increase.

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

READ NEXT: Ballyhaunis Primary Care Centre will open early next year according to Mayo Minister