Longford house prices increase 5.8pc in three months

The price of the average second-hand three-bed semi in county Longford has increased to €193,000, up 5.8% from €182,500 in the last three months, according to a national survey by Real Estate Alliance.

Across the county the average time taken to sell has increased by one week to a total of five, the Q3 REA Average House Price Index shows.

“Longford is experiencing double digit price growth, with its low price point in comparison to the markets to its east is the main driver,” said Joe Brady of REA Brady.

"With good road and rail links to Dublin, it is proving to be an affordable option for many buyers priced out of the east."

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The survey shows that across the county, 65pc of purchasers were first-time buyers and 40pc of purchasers were from outside of the county. 

A total of 15pc 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 2.7pc 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.

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A supply drought in Dublin has reignited the commuter property market as buyers battle to secure affordable family homes, the Index has found.

Frustration in the capital has led to the return of the previously unheated commuter market, which has risen by 2.9pc over the past three months to an average of €336,944.

And further afield, large towns such as Ennis, Tralee, Tullamore and Athlone have experienced previously increases of €20,000 in the past three months.

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Actual selling prices in Dublin city rose by 1.3pc in the last three months, and the average three-bed semi in the capital is now selling at €532,333 – an annual increase of 7.4pc.

The number of sales in the capital due to landlords leaving the market has risen six points to 24pc in the past year, the Index revealed, but some areas are reporting a figure of over 50pc.

Prices in the major cities outside the capital rose by an average of 2.25pc to €341,250 in the last three months – an annual rate of increase of 7.5pc.

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Homes in the country’s large towns continue to show the biggest growth nationwide, up 10pc on last September and 3.6pc this quarter to an average of €243,241.