Westmeath House Price Survey September 2024

The price of the average second-hand three-bed semi in county Westmeath has increased to €315,000, up 6.8pc from €295,000 in the last three months, according to a national survey by Real Estate Alliance.

This €20,000 increase represents an annual rise of 13pc across the county, the Q3 REA Average House Price Index shows.

Athlone joins other large towns around the country such as Tralee, Tullamore and Ennis which have experienced average increases of €20,000 in the past three months.

“There is a massive shortage of supply driving up prices in the second-hand market, combined with high rental levels which is pushing people to buy instead of rent when they are in a position to do so,” said Donna Hynes of REA Hynes.

The survey shows that across the county, 80pc of purchasers were first-time buyers and 10pc of purchasers were from outside of the county.

A total of 20pc 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.

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 average increases of €20,000 in the past three months.

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.

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.