Average cost of Irish home is €209,944

Average cost Irish home e209944
Photo: Sam Boal/RollingNews.ie

But in Dublin it is now more than €400,000. The figures were released by the agency Real Estate Alliance (REA) and refer to three-bed, semi-detached houses.

It found prices in Dublin had risen by €15,000, or 3.9 per cent, to €404,167 in the last three months. In most cases earning more than their occupants. It said prices rose by 5.6 per cent in both north and south county Dublin and linked the increases to Ireland’s Central Bank’s recent decision to ease its mortgage-lending rules.

It added: “The easing of the Central Bank restriction on lending for first-time buyers has had an immediate effect on the market with a large rise in numbers at viewings and potential buyers with mortgage financing – however, supply remains extremely limited.”

Across Ireland average house prices rose by 10.9 per cent in the past 12 months –up from the 7.7 per cent recorded at the end of December 2016. The biggest percentage increases were smaller rural towns situated in Dublin’s commuter belt and in other the major cities.

The commuter counties of Louth, Meath, Kildare, Wicklow, Carlow and Laois rose by 2.9 per cent in the past three months, with the average house appreciating by more than €6,000 in that time. Major cities other than Dublin saw a 2.3 per cent rise in the first quarter and 7.7 per cent on the year. In Cork the average semi now costs €305,000 (+3.4 per cent), €132,000 in Galway (+2.1 per cent) and €178,000 in Limerick (+0.6 per cent).

REA said: “There has been a recovery in bank lending, which has been reflected in the purchasing end, but the accelerated figures in the Dublin market particularly show that we are moving into a vendors’ marketplace.

“Many private vendors are now emerging from negative equity and can afford to make the move from the starter to the second home.”

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