House prices rise across Cork

The time it takes to sell a house is one week quicker in Cork city than it is in Cork County.

That’s according to a new housing report published this week covering the past three months. The survey, by Real Estate Alliance, showed how the price of the average second-hand three-bedroom semi in county Cork has increased to €235,458, up 1.6% from €231,750 in the last three months.

Across the county, the average time taken to sell currently sits at five weeks, the Q1 price index showed. Meanwhile, in Cork city, this quarter saw average prices increase to €395,000, up 1.3% from €390,000, with time to sell currently at an average of four weeks.

Bantry prices increased this quarter by 1.6% to an average of €285,000, with time to sell in the area currently five weeks.

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

The REA Average House Price Index concentrates on the sale price of Ireland's typical stock home, the three-bed semi, giving, it says, 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 2.5% in the past three months to €338,847, and 10% overall annually.

Three-bed semis in Dublin’s suburbs are reaching sale agreed in days as a wave of mortgage approved buyers turn their focus from apartments to family homes, the survey has found.