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The overall average increase in property prices for 2021 was just short of 12pc, with great variations across the country, according to the latest Residential Property Price Barometer by IPAV, the Institute of Professional Auctioneers & Valuers, which captures house prices actually achieved by auctioneers for three- and four-bedroom semi-detached homes and two-bedroom apartments.

According to the latest residential market review and outlook from leading property advisors DNG, house prices are set to continue rising this year, following the strong growth in values recorded in 2021. At a national level (excluding Dublin) the DNG National Price Gauge (NPG) recorded an increase in the average price of a second hand home of 13.6 per cent last year, a marked acceleration in the rate of inflation compared to 2020 when prices rose by 1.4 per cent. At the national level (including Dublin) the overall rate of price increase last year stood at 12.0 per cent. The NPG, which tracks house prices across the country on a half yearly basis, recorded growth of 5.3 per cent in the six months to December 2021, compared to an increase of 7.9 per cent in the first six months of last year.

Prices for three-bed semi-detached homes in Galway city and county are expected to rise by five per cent over the next 12 months.

The price of the average second-hand three-bed semi in Galway city rose by 2.4 per cent to €302,000 in the last three months, according to a national survey by Real Estate Alliance.