The price of the average second-hand three-bed semi in County Leitrim has risen to €175,000, up 2% from €171,500 in the last three months, according to a national survey by Real Estate Alliance.

Across the county, the average time taken to sell has fallen by one week to four weeks, the Q2 REA Average House Price Index shows.

Agents in the county reported that this quarter, 57% of properties were purchased by first time buyers, with buyers from outside of the county making up 45% of sales.

This quarter, agents found that 45% of sales are directly linked to landlords leaving the market. 

Carrick-on-Shannon prices rose 1% this quarter to €210,000, with time to sell falling by one week to four.

“The market is vibrant, and we are seeing that take-up in the price ranges between €200,000 and €300,000 is very fast, with asking prices exceeded in most instances,” said Joe Brady of REA Brady, Carrick-on-Shannon.

“Buyers are moving westwards for lower prices, and higher quality of life is certainly a factor.

“This group of buyers includes both buyers with connections to the area and many with no connections, with prices and quality of life being the driver.”

In Carrigallen, prices rose 3.7% this quarter to €140,000, with time to sell unchanged at four weeks.

“Many landlords with one or two units are exiting rental market for a variety of reasons,” said James Spring of REA Donohoe Spring.

“With limited supply and high demand, we are seeing that, on a case-by-case basis, property presentation is having a big effect on prices.

“Serious offers being received very quickly after listing, and properties are going sale agreed within a short time frame.

“We are not seeing any new builds.

“There is a good mix among buyer types: first timers, older people downsizing and moving into town, or people relocating due to greater affordability and quality of life.

“Fast broadband remains a primary requisite among buyers.”

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-bedroom, semi-detached house across the country rose by 1.3% over the quarter to €297,056 – representing an annual increase of 6.6%.

The price of a three-bed semi in Dublin city has hit €500,000 for the first time, rising by by 0.3% in the past three months. They are now 14% ahead of their €431,000 Celtic Tiger peak level, with demand being largely driven by first-time buyers in an otherwise cautious market.

Time taken to reach sale agreed nationally has risen to six weeks as REA agents reporting that pricing levels are key in a sensitive market.

Cities outside Dublin experienced a 1.53% rise to an average selling price of €315,000 – an increase of 8.9% in the past 12 months.

Commuter areas rose by 0.4% to €315,389, with 41% of buyers coming from outside the county, a large proportion of them from the capital, with 72% of sales to first-time buyers.

The highest three-bed semi price rises came in the country’s main towns which rose by 2.24% in the past three months to an average of €216,517, with time taken to sell at five weeks.

Areas that attract holiday home buyers have noted an increase in UK or cross border interest with examples such as Bantry and Bundoran both recording €5,000 average increases in the past three months.