The price of the average second-hand three-bed semi in county Westmeath rose by 1.4pc to €360,000 in the last three months, according to the latest REA national survey.

Across the county, the average time taken to reach sale agreed was five weeks, the Q1 REA Average House Price Index shows.

“The market continues to be busy, and landlords are continuing to exit the market as the criteria is becoming too complicated,” said Donna Hynes of REA Hynes.

“The majority of investments are coming through pension fund buyers.”

The survey shows that across the county, 80pc of purchasers were first-time buyers, while a total of 10pc of sales in the county this quarter were attributed to landlords leaving the market.

Additionally, A-rated BER properties in the county are commanding 15pc 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.