The price of the average second-hand three-bed semi in county Cavan rose by 5.6pc to €237,500 in the last three months, according to the latest national survey by Real Estate Alliance.

Across the county, the average time taken to reach sale agreed was three weeks, the Q1 REA Average House Price Index shows.

Ballyconnell prices rose 5pc this quarter to an average of €210,000, while prices in Cavan town rose 6pc during this period to €265,000.

“There is currently limited supply, however there are some new builds in the pipeline,” said James Spring of REA Donohoe Spring.

“After the quietest January for several years, the market picked up mid-February.

“Most landlords who would like to sell have now sold, with only a small number remaining who want to sell but have long notice periods, and whose tenants are struggling to find alternative accommodation.

“We are predicting rent and sale prices peaking this year.”

The survey shows that across the county, 65pc of purchasers were first-time buyers, while a total of 25pc of sales in the county this quarter were attributed to landlords leaving the market.

Additionally, the survey found A-rated BER properties in the county are commanding 35pc price increases in comparison to C-rated properties.

The 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 actual selling price of a three-bed, semi-detached house across the country rose by 1.5pc in the past three months to €364,747.

This represents a 7.67pc annual rise – slowing gradually from the 9pc increase registered six months ago.

With energy prices coming into focus, agents are reporting that there is a renewed focus on heating costs, with the A-rated v C-rated BER price premium rising to 13pc, up from 10pc at the end of December.

Actual selling prices in Dublin city rose by 1.6pc in the last three months, with the average three-bed semi in the capital’s postcode areas now selling at €595,453, a 6.6pc annual rise.

The percentage of first-time buyers purchasing in Dublin has dropped from 50pc to 39pc in the past six months, with agents citing a wait-and-see policy from buyers around the changes in rental legislation.

Selling prices in Ireland’s major cities outside Dublin rose by 1.2pc to an average of €378,250 – a 6.5pc annual increase, with homes selling in four weeks on average.

Homes in the country’s large towns rose by 2pc this quarter and 9pc annually to an average of €281,287, while prices in commuter counties rose by 1pc to €377,185.