It’s feeling a bit ‘boomy’ in the property market.

A new report reveals that the average price of a house in Cork has increased by a whopping 14.3% to €303,491 in the past 12 months.

According to the latest Daft.ie House Price Report, a national shortage of housing stock has led to a €34,000 increase year on year in the cost of the average home nationally, bringing Ireland’s average house price to €284,000.

Meanwhile, asking prices are up 18% across Munster, 16.1% in Leinster and 15% in Connacht/Ulster, when compared to 2020.

“Very weak supply continues to plague Ireland’s housing market,” said Ronan Lyons, author of the Daft.ie House Price Report and economist at Trinity College Dublin.

“Unlike much of the last decade, when urban centres drove house price inflation, the Covid-19 housing market has seen the opposite trend. Inflation is less severe in Dublin than elsewhere and, outside Dublin, less severe in the other cities than the rest of the country.”

Another report by the property website Myhome.ie revealed that the average time it takes for a buyer and seller to reach sale agreed has fallen to a record low of just 3.8 months, with desperate buyers paying well over the asking price to secure properties.

Main image: Dave Cremin, Instagram.com/dave_cremin