The emergence of new homes as a real option for buyers, for the first time in a decade, is set to modify growth in the cost of second-hand properties, estate agents have predicted.

The average price of a three bedroom semi-detached house has topped €221,000 — a 3.1% jump since June.

The price of an average home is surging by €500 a week, according to new figures from Real Estate Alliance.

The price of the average Irish home has risen by 3.5% in the first three months of the year, according to a survey carried out by an estate agents’ body.