LATEST: Tipperary house prices increase by more than 2% in three months

The price of the average second-hand three-bed semi in county Tipperary rose by 2.2pc to €286,250 in the last three months, according to the latest REA national survey.

Across the county, the average time taken to reach sale agreed was three weeks, the Q1 REA Average House Price Index shows.

“The shortage of houses for sale and for rent is still a major issue, though we are expecting a few new developments starting in Clonmel which will hopefully relieve this situation,” said John Stokes, REA Stokes & Quirke Clonmel.

READ NEXT: RIP: Popular GAA man and grandfather of Tipperary superstar laid to rest

“With the changes in landlord and tenant legislation coming into force we have found that many of our small landlords have issued termination notices and are exiting the market which will further lead to a shortage of rental properties - which are already at an all-time low.

“Also, we are finding that with the recent increases in oil, potential purchasers are paying more attention to a properties BER rating and energy efficiency.”

Average prices in Newport rose 5pc during the first three months of the year to €315,000, while the average price in Clonmel rose 1.8pc to €280,000.

READ NEXT: Tipperary film is nominated for awards in three categories at a Los Angeles film festival

Nenagh prices remained steady at €305,000 this quarter, while in Roscrea they rose 2.1pc to an average of €245,000.

“We are seeing a market where supply is currently very tight,” said Seamus Browne of REA Seamus Browne, Roscrea.

“The shortage of houses for sale and for rent is still a major issue, though we are expecting a few new developments starting in Clonmel which will hopefully relieve this situation,” said John Stokes, REA Stokes & Quirke Clonmel.

“With the changes in landlord and tenant legislation coming into force we have found that many of our small landlords have issued termination notices and are exiting the market which will further lead to a shortage of rental properties – which are already at an all-time low.

“Also, we are finding that with the recent increases in oil, potential purchasers are paying more attention to a properties BER rating and energy efficiency.”

The survey shows that across the county, 75pc of purchasers were first-time buyers, while a total of 35pc of sales in the county this quarter were attributed to landlords leaving the market.

Additionally, the survey found A-rated BER properties in the county are commanding 15pc price increases 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.