The price of the average three-bed semi in County Wexford is expected to rise by 5% in the next 12 months, according to a survey by Real Estate Alliance.

Prices in the county increased by €4,000 between September and December, a rise of 2%, the Q4 REA Average House Price Index shows.

Three-bed semi-detached homes in the county now cost an average of €200,000, up 5.3% on the December 2019 average of €190,000.

And as supply struggles to keep pace with demand, they were selling one week quicker at the end of Q4 – seven weeks compared to eight weeks in September 2020.

The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide.

Prices in Wexford Town rose by 2.8% in the final three months of the year, increasing from €180,000 to €185,000 on average.

In Gorey, prices rose by €10,000 or 4.8% throughout 2020, from €205,000 at the end of Q4 2019 to €215,000 a year later.

“There has been a significant demand for properties of all types throughout Co Wexford. Properties are selling very quickly if priced correctly and are well presented,” said Winston Halnon of REA Halnon McKenna, Gorey.

“Stock levels are extremely low with new stock coming on the market going sale agreed within two weeks and even less. Country homes are still performing strongly due to flexible working practices and the need for outdoor space.”

Looking ahead to 2021, he said that everyone wants consistency as it helps buyers or sellers plan their next move – with the main concern surrounding lack of supply.

“Our biggest concern going into 2021 is the lack of properties coming for sale and for rent. This is the same message we hear from all our colleagues in the estate agency world.”

REA agents expect price rises of 5% in three-bed semis across Wexford in 2021 – the same rise which occurred in 2020.

Nationally, average house prices rose by almost 1.5% over the past three months in a market fuelled by a combination of record mortgage approvals and an unprecedented lack of supply, the Q4 REA Average House Price Index found.

The price of a three-bedroomed semi-detached house across the country rose by more than €3,000 over the past three months to €239,194 – an annual increase of 1.9%.

The biggest rises in Q4 came in Ireland’s secondary cities and the commuter counties – both of whom had experienced the least movement in prices over the preceding 18 months.

The price of a three-bedroomed semi-detached house in Dublin City rose by 0.6% to €431,833 during the past three months, an annual increase of 1.41%.

Cork, Limerick, Galway and Waterford cities shared a combined increase of 2.4% in the past 12 weeks with prices rising by €6,000 to an average of €262,500.

Commuter counties are now feeling the benefit of the migration towards space and home working potential, with three bed semis rising 2.2% by almost €6,000 on the Q3 figure to an average of €253,111.

Reflecting the flight to rural locations, prices in the rest of the country’s towns rose by 1.2% in 12 weeks to €165,397.