Waterford house prices on the rise as landlords exit and first-time buyers dominate

The price of the average second-hand three-bed semi in County Waterford has risen by 2.5pc to €302,500 this quarter, according to the latest REA national survey.

In Waterford city, prices over the past three months have increased by 1.4pc to an average of €350,000, the Q1 REA Average House Price Index shows.

The average time taken to reach sale agreed this quarter was five weeks in the city and ten across the county.

“Further evidence is emerging of a high volume of small landlords exiting the rental market,” said Eamonn Spratt of REA Spratt, Dungarvan.

The survey shows that this quarter, 75pc of purchasers in the city and 60pc across the county were first-time buyers, while a total of 60pc of sales in the county, and 25pc in Waterford city, were attributed to landlords leaving the market.

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Additionally, the survey found A-rated BER properties are commanding 15pc price increases in the city and 25pc across the county in comparison to C-rated properties.

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 1.5pc in the past three months to €364,747.

This represents a 7.67pc annual rise – slowing gradually from the 9pc increase registered six months ago.

With energy prices coming into focus, agents are reporting that there is a renewed focus on heating costs, with the A-rated v C-rated BER price premium rising to 13pc, up from 10pc at the end of December.

Actual selling prices in Dublin city rose by 1.6pc in the last three months, with the average three-bed semi in the capital’s postcode areas now selling at €595,453, a 6.6pc annual rise.

The percentage of first-time buyers purchasing in Dublin has dropped from 50pc to 39pc in the past six months, with agents citing a wait-and-see policy from buyers around the changes in rental legislation.

Selling prices in Ireland’s major cities outside Dublin rose by 1.2pc to an average of €378,250 – a 6.5pc annual increase, with homes selling in four weeks on average.

Homes in the country’s large towns rose by 2pc this quarter and 9pc annually to an average of €281,287, while prices in commuter counties rose by 1pc to €377,185.