Property prices increase as buyers move in from cities to the county

The price of property increased across the county during the first three months of this year with first-time buyers making up 30% of the market with 20% coming from buyers moving out of the cities to the countryside, according to a recent index. 

The average cost of three-bed homes in the county is now €150,000 – up from an average of €145,000 in December 2022, the Q1 Real Estate Alliance Average House Price Index shows.

The index found that the average price of a second-hand, three-bed semi in the county rose by 3.4% in the first three months of the year.

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By concentrating on the actual sale price of three-bed semis, the survey provides an up-to-date picture of the second-hand property market in towns and cities countrywide.

The average time taken to complete a sale in the county is four weeks, and remains unchanged from the previous quarter, according to the survey.

In Bundoran, the average price for a three-bed semi is now €155,000, up 3.33% from an average of €150,000 in the previous quarter, while the time to sell has fallen by one week to three.

The average cost of a similar property in Milford is now €145,000 – up by 3.57% from an average of €140,000 in the previous quarter, while the time to sell remains at four weeks.

“This quarter has been characterised by the traditional strong demand from buyers in Northern Ireland looking for holiday homes, as well as a strong local market,” said Roger McCarrick of REA McCarrick and Sons, in Bundoran.

Across the rest of Ireland, the actual selling price of a three-bedroomed semi-detached rose by 0.6% over the past three months to €293,343 – representing an annual increase of 5.3%.

The smallest percentage increases came in commuter counties where average prices went from €312,778 to €313,056 – a rise of just 0.1% on average over three months.

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Nationally, first-time purchasers make up 60% of the market, the quarterly survey has found.

The actual selling price of a three-bedroomed semi-detached house across the country rose by 0.6% over the past three months to €293,343 – representing an annual increase of 5.3%.