The price of the average three-bed semi in Cork City is expected to rise by 2% in the next 12 months, according to a survey carried out by Real Estate Alliance.

Prices in the city rose by 0.8% to €320,000 in 2019 – with no change in Q4 between September and December.

The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide.

“The market appears to be remaining consistent, with a lack of supply similar to the rest of the country,” said Michael O’Connor of REA O’Connor Murphy.

“The city centre market is due to see growth with the supply of apartments which may result in more confidence from purchasers.”

REA O’Donoghue and Clarke reported an increase in time to sell from 10 weeks to 12 in Q4 2019.

“The market continues to be sluggish, due to both the time of the year and Brexit uncertainty,” said Michael O’Donoghue of REA O’Donoghue and Clarke.

“We are also seeing the effects of Central Bank lending restrictions which are keeping a lid on the market due to people’s inability to obtain mortgage funding.”

The price of the average three-bed semi in County Cork is expected to rise by 3% in the next 12 months.

Prices in the county rose by 5.9% to €176,000 in 2019 – with no change in price between September and December.

Average house prices nationally fell annually for the first time since the economic recovery, the Q4 REA Average House Price Index found.

The price of a three-bedroomed semi-detached house across the country fell by -0.6% over the past year after a 4.6% annual rise in 2018.

The average family home nationally now costs €234,704, the survey found – a drop of -0.1% on the Q3 figure of €235,009.

However, drops across the country are far lower than the preceding quarter (-0.4%), indicating that some confidence returned to the market in the final 13 weeks of the year, with the prospect of a resolution to Brexit uncertainty.

Three-bed semi-detached houses in Dublin city registered a fourth consecutive quarter fall (-0.6%) since the end of September and have decreased by -4.3% compared to December 2018.

The price of the average three-bed semi-detached house in the capital’s postcode districts now stands at €425,833 – down €20,000 from €445,167 a year ago.

The absence of small investors due to Brexit uncertainty and a lack of incentives has also removed stimulus from the resales market and added to supply in many cases as landlords leave the market nationwide.

Prices fell slightly by -0.05% in the commuter counties in the past three months, with the average house now selling for €246,500 – an annual fall of 1%.

Prices in the country’s major cities outside Dublin – Cork, Galway, Waterford – remained largely unchanged

The highest annual price increases (2.8%) were once again seen in the rest of the country’s towns which rose in selling price by an average of almost €5,000 in the past year and 0.3% in the past three months to €162,207.