The price of the average three-bed semi in County Sligo rose by 3.8% to €137,500 in the past year according to a national survey carried out by Real Estate Alliance.

Despite fears of a downturn in the market during the Covid-19 crisis, the price of a three-bedroomed semi-detached house across the county remained unchanged over the past three months.

“A shortage of supply will largely eliminate any significant price reduction as we currently have more buyers than sellers in County Sligo,” said Roger McCarrick of REA McCarrick and Sons Tubbercurry and Sligo Town.

The price of an average three-bed semi rose by 2.9% in Sligo Town to €175,000 over the past year, and Tubbercurry prices rose 5.3% to €100,000.

Prices for both areas remained unchanged this quarter, with time taken to sell rising from seven weeks to eight.

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.

Across the country, despite fears of a downturn in the market due to lockdown, the price of a three-bedroomed semi-detached house fell by just -0.15% over the past three months to €234,667, an annual decline of -0.56%. 

“Although sales slowed during the lockdown, they did happen and, despite fears, very few fell through or had to be renegotiated,” said REA spokesperson Barry McDonald.

“Changes in the world of work are having an immediate effect on the second-hand housing market with a nationwide trend emerging of buyers looking to move 15 minutes outside of their urban location where they can get more space for the same money.

“We are finding that people are looking for three things – more space, gardens and a guarantee of better broadband, where transport was previously the highest priority.

“While the current outlook is positive, and there seems to be a lot of pent-up demand, it may be Q3 before we see the effect of Covid-19 on the market and on the outcome of mortgage approvals granted before the lockdown.”