The price of the average second-hand three-bed semi in Cork City has risen by 1.5% to €345,000 in the last three months, according to a national survey by Real Estate Alliance.

And the survey has shown that 40% of sales in the City are to first-time buyers, with 20% of all purchasers coming from outside the area.

Prices across the county rose by 0.7% to €207,500 this quarter, and the average time taken to sell is four weeks, the Q2 REA Average House Price Index has shown.

“There is still strong demand from first time buyers in the news homes market since the start of the year, which is reflected in a general increase in sales and new developments coming on stream,” said Michael O’Donoghue of REA O’Donoghue & Clarke, Cork.

“The current inflationary pressures and the continuing situation in the Ukraine may feed into the property market in time, but overall demand continues to be strong with a mixture of both cash purchasers and mortgage approved clients.

“However, there is a continuing lack of second hand stock coming to the market and this remains a significant issue in relation to all property types in both the city and the wider county in general.”

The REA Average House Price Survey 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.

A marked increase in private landlords selling their properties nationally has increased supply levels and tempered price rises in some areas.

Up to 30% of houses for sale in some areas of Dublin are now due to landlords selling their additional properties, with knock-on effects for the rental market, the survey has found.

Actual selling prices in Dublin postcode districts have risen by 2.5% in the past three months, to an average of €493,333 – but the annual rate of increase has dropped two percentage points to 8% on the previous survey.

The price of a three-bedroomed semi-detached house across the country rose by 2.9% over the past three months to €286,611 – representing an annual increase of 13%.

Commuter counties saw prices increase by 2.3% – a jump of €6,833 to €311,833.

In the rest of the country, where prices rose 3.2% to €202,897, the survey found that one in every three buyers were from outside the county, with 50% first-time purchasers, as new working conditions enable a rethink on home bases.