Tipperary house prices fell by 1.3pc in the past three months according to new report

The price of the average second-hand three-bed semi in county Tipperary fell by 1.3pc in the past three months, according to a national survey by Real Estate Alliance. Across the county, the average house price is now €273,750 – down €3,750 on June’s record high figure.

A temporary increase in supply caused by landlords exiting the market had the effect of reversing earlier large increases caused by lack of supply, the REA Average House Price Index shows.

The announcement of a nationwide rent pressure zone has triggered this sharp increase in landlords exiting the housing market.

In Nenagh, the exodus of landlords was a factor in 80pc of sales in the last quarter.

From previously having little or no three and four-bed semis for sale, a large number came to the market in Nenagh in July, resulting in a drop in average selling prices from €315,000 to €295,000 and time taken to sell rising from three to six weeks.

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The sudden supply of stock now appears to have corrected itself and there are currently no three-bed semis for sale in the Tipperary town, according to REA Eoin Dillon. Average prices in Newport remained static at €300,000 in the last quarter with homes reaching sale agreed in three weeks and 50pc of sales attributed to landlords.

Lack of supply is an ongoing issue according to James Lee of REA John Lee, Newport.

Average prices in Clonmel were static at €270,000, with landlord sales to the fore again at 35pc.

“There is a lack of availability of second-hand houses on the market and rents are continuing to rise due to lack of supply,” said John Stokes, REA Stokes & Quirke Clonmel.

“We are seeing the demand for second-hand three-bed semis continue to out strip supply.

“There are a few new developments commencing in South Tipperary and these energy efficient A-rated houses will cost substantially more than the less-efficient older style three-bed semis.”

Average prices in Roscrea rose by 2pc this quarter to €230,000, with time to sell dropping by one week to four weeks.
Supply is still meeting demand according to Seamus Browne of REA Seamus Browne, Roscrea.

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 announcement of a nationwide rent pressure zone has triggered a sharp increase in landlords exiting the housing market, the survey showed.

The Government’s announcement in June was followed by an immediate spike in landlord sales in many areas now included in the legislation.

REA agents in Carlow, Kerry and Waterford have reported that over 40pc of their sales are attributable to landlords in the past three months – with that figure rising to 60pc in Limerick city and 80pc in Nenagh.

The REA survey also found that properties with a BER rating of A commanded an average 17pc premium over C-rated stock – reflecting the rising attractiveness of retrofitted homes.

The actual selling price of a three-bed, semi-detached house across the country rose by 1.6pc in the past three months to €353,458, a 9.1pc overall rise annually.