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Three-bed semis in Dublin are now selling within three weeks

Properties in the capital that were taking seven weeks to sell last year are now changing hands inside 21 days.

FILE IMAGE Mortgage approval rates Source: RollingNews.ie

THE AVERAGE PRICE of a house in Dublin rose by 2.6% in the second quarter of 2017 according to a new survey.

Meanwhile, three-bed semis in the capital which had taken an average of seven weeks to sell in 2016, are now changing hands inside 21 days.

The data is contained in a new house price survey by REA agents, and shows that the average three-bed semi is now selling for €414,500 in the city, a rise of €10,000 in just the past three months.

rea Source: REA

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Two-bed semis meanwhile  are now selling for €215,000, a similar rise of 2.5% in the second quarter of the year.

House prices in general across the country have increased by 11.2% in the past 12 months  - a giant leap from the increase over the 12 months to June 2016 of 4.5%.

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Dublin’s commuter counties have seen a bounce in prices after a slower end to 2016 according to the survey, with the average price in Louth, Meath, Kildare, Wicklow, Carlow and Laois now €223,267, a jump of 2.6% in the past three months.

Outside Dublin, REA suggest that new-build properties are beginning to have an impact on the prices of older dwellings.

“Agents have been reporting that where there are new homes available, the price of second-hand properties has been under pressure,” said REA spokesperson Healy Hynes.

Most of our national housing stock is over a decade old, and house purchasers – especially first-time buyers – will opt for new builds at a higher spec, even if there is a marked difference in price.

Read: In Navan, Co Meath, there are more vacant properties than there are people on the housing waiting list

Read: This is what a Dubliner looked like in the 16th century

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