Mayo house prices increase 6.5% in three months - survey

THE price of the average second-hand three-bed semi in county Mayo has increased to €230,000, up 6.5% from €216,000 in the last three months, according to a national survey by Real Estate Alliance.

The average time taken to sell this quarter rose by one week to a total of four, the Q3 REA Average House Price Index shows.

The average price in Westport this quarter rose by 10% to €330,000, and Castlebar prices rose by 6.5% to €230,000.

“All types of properties, particularly owner occupied dwellings, are selling well presently,” said Robert McGreal of REA McGreal Burke.

The survey shows that across the county, 75% of purchasers were first-time buyers and 10% of purchasers were from outside of the county.

A total of 20% of sales in the county this quarter were 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 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 2.7% in the past three months to €323,741.

Time taken to reach sale agreed nationally has dropped to four weeks as low supply continues to drive sales.