The price of the average second-hand three-bed semi in County Cavan has increased to €175,000 from €168,000 over the past 12 months, according to a national survey by Real Estate Alliance.

Over the last three months, prices in the county have remained unchanged, the Q3 REA Average House Price Index shows.

The survey shows that across the county 70% of purchasers were first-time buyers, and 35% of purchasers were from outside of the county.

This quarter, the average price of a second-hand three-bed semi in Ballyconnell is €160,000, while prices in Cavan town are currently averaging at €190,000.

“We are seeing the same as Q2 in terms of most figures, with a steadier and more stable market seeing longer sale times but with same results,” said James Spring of REA Donohoe Spring.

“Landlords are continuing to exit the market.”

The REA Average House Price Index concentrates on the actual 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 1.4% over the quarter to €301,370 breaching the €300,000 mark for the first time since 2007.

House prices in Ireland’s large towns rose by 2% in the past three months and are increasing at twice the rate of Dublin and the major cities as mortgage approved buyers chase properties within their price ceiling.

Time taken to reach sale agreed nationally fell from six to five weeks as low supply continues to drive sales in an increasing interest rate environment.

Prices in Dublin city rose by 0.8% in the last three months, meaning that the average three-bed semi in the capital is now selling at €504,167 – an increase of 1.3% in the last year.

Nationally, 57% of sales are to first-timers, a figure that rises dramatically to 85% in Wicklow, Meath and North County Dublin as mortgage-approved buyers hunt suitably priced property.

Cities outside Dublin experienced a 0.73% rise to an average selling price of €317,500 – with the annual rate of increase halving to 4.5% from the previous survey.

Prices rose in Cork (1.4% to €365,000) and Limerick (1.8% to €285,000) while Waterford city and Galway remained static.

Commuter areas rose by 1.1% to €318,889, with 39% of buyers in areas such as Louth, Meath, Kildare and Wicklow coming from outside the county, a large proportion of them from the capital, with 73% of sales to first-time buyers.