HOUSES IN CLARE are taking less than three months to sell, a new survey has revealed with first time buyers accounting for almost two thirds of sales.

No change has been observed in the average price of a second-hand three-bed semi-detached home in Clare over the last three months with the figure staying at €230,000 according to the latest national survey by Real Estate Alliance.

There was an increase in the average time taken to sell a property in the area, rising by four weeks over this quarter for a total of ten weeks.

Additionally, agents have reported that 60% of purchasers this quarter were first time buyers, with 8% of buyers coming from outside of the county.

Nationally, the rate of house price inflation has halved in the past three months as rising costs cause home buyers to be more cautious. The actual selling price of a three-bedroomed semi-detached house across the country rose by 1.4% over the past three months to €290,630–representing an annual increase of 10%.

This is a marked slowdown on the 2.9% quarterly increase recorded in the preceding three months, signalling a cooling of the frenetic demand in the marketplace. The index also found that A rated homes are commanding a 12% premium over their C rated equivalents – a figure that rises to 16% in the capital as running costs become more important to home buyers.

The REA Average House Price Survey concentrates on the actual 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.

Time taken to reach sale agreed rose to five weeks from four as REA agents nationwide reported a less frenzied approach to viewing and buying. While the actual average selling price of three bedroomed homes in Dublin city is about to breach the €500,000 mark, the 0.8% quarterly rise to €497,500 is half that experienced in the previous three months. 58% of all purchasers in the past quarter were first-time buyers according to REA, a figure which rose to 76% in Dublin as people with mortgage approval look to get on the housing ladder.

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If you’re here, you care about County Clare. So do we. Did you rely on us for Covid-19 updates, follow our election coverage, or visit The Clare Echo every week for breaking news and sport? The Clare Echo invests in local journalism and we want to safeguard its future in our county. By becoming a subscriber you are supporting what we do, will receive access to all our premium articles and a better experience, while helping us improve our offering to you. Subscribe to clareecho.ie and get the first six months for just €3 a month (less than 75c per week), and thereafter €8 per month. Cancel anytime, limited time offer. T&Cs Apply. www.clareecho.ie.

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