County Cork house prices rise 6% in a year

The lack of housing is continuing to prevent first-time home buyers from entering the market, according to a new national survey.

The latest REA average house price index shows the current sale price of a three-bed semi-detached house in the county rose by 6 per cent in the first three months of the year….

While prices in the city increased by 4 per cent.

First time buyers in the city made up 40 per cent of the market, with first time buyers in County Cork making up 20 per cent of the market.

Barry McDonald, estate agent and spokesperson for R-E-A, says there isn’t enough supply:

“Demand levels are still quite high from first time buyers, and the supply just isn’t strong enough. You saw there over the last few days the Labour leader of Ivana Bacik calling for a million new homes over the next 10 years, you know, which is far fetched, but it’s probably not far off the mark and look, demand is a major factor on the flip side of supply first time buyers are driving this market at the moment.”