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A SURVEY OF estate agencies has revealed that a “mini-boom” took place in January this year, as viewings increased by more than 80 per cent.

The results of a survey of 48 offices of the Real Estate Alliance (REA) shows an average annual price increase of 6.2 per cent across the country.

Previous surveys pointed towards such increases being largely confined to Dublin.

“Our agents are reporting an increase in supply of 11.5 per cent, with average prices for closed sales rising by 6.2% on the spring selling period last year – the bulk of which has happened since mid-January,” CEO Philip Farrell said.

20 per cent

The largest increases were seen in Dublin, with an increase of 20 per cent also reported at estate agents in Blessington, Co Wicklow, and Ashbourne, Co Meath.

However, Trim in Co Meath saw no increase in prices.*

An estate agents in Co Longford was the only to report a fall in prices, and noted that it consisted of “mostly distressed properties”.

Boom

“Each property is now attracting 13 viewers on average, up from seven in 2013, and this has enabled some agents to organise block viewings – something we haven’t seen since the height of the boom,” Farrell added.

“Our survey shows that the average time it takes for sale agreed has dropped from 17 weeks in 2013 to an average of ten in 2014.”

REA also notes that the price increases suggests a “three-tier” market emerging for the first time, consisting of Dublin, a commuter ring, and rural areas.

*Where multiple values were available in one county, an average was taken. Click here for raw data (.xlsx format).

Previously: Rise in Dublin house prices masks fall in every other part of the country >