The price of the average second-hand three-bed semi in Galway city has risen by 0.8pc to €398,000 this quarter, according to the latest REA national survey.

Across the county prices over the past three months have also increased by 0.8pc to an average of €312,480, the Q1 REA Average House Price Index shows.

The average time taken to reach sale agreed in the area this quarter was four weeks.

“There was an increase in supply this quarter due to a noticeable increase in the number landlords selling,” said Kevin Burke of REA McGreal Burke.

“The market remains very busy overall, with lots of active buyers.”

The survey shows that this quarter, 60pc of purchasers in the city and 70pc across the county were first-time buyers, while a total of 20pc of sales in the county, and 15pc in Galway city, were attributed to landlords leaving the market.

Additionally, the survey found A-rated BER properties in the county are commanding 10pc 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.