Farm Ireland
Independent.ie

Sunday 11 December 2016

Buyer bags bargain

Published 03/08/2010 | 11:18

A LACK of credit is seriously eliminating competition from property sales, a Longford-based auctioneer has claimed.

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Frank Regan of DNG Regan was commenting following the executor's sale of a 27.5ac residential farm outside the town that sold at auction last week for €193,000.

The property at Garvagh, Co Longford included a two-bedroom, two-storey residence in need of modernisation and 27.5ac of mixed quality land, of which approximately 9ac was in need of drainage.

It was bought in trust by auctioneer John Farrell for a local businessman. The under-bidder was a Drumshanbo, Co Leitrim-based farmer.

However, a number of farmers who had expressed interest in the farm prior to last Friday's auction, failed to show on the day.

PROBLEM

Mr Regan said it was not only farmers who were being refused credit in the current climate.

"The bank issue is the big problem," he said.

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"If people have to borrow more than 50 per cent, the banks are not lending."

The auctioneer also sold a bungalow in need of refurbishment at Lisaduff, Longford that had been withdrawn from auction at €100,000.

Solicitor Mark Connellon purchased the property on 0.45ac in trust for a local couple for an undisclosed higher amount.

Mr Regan said a number of other first-time buyers were forced to pull out of the sale having failed to secure finance.

The auctioneer is also handling a number of other farm sales in the Longford/ Roscommon region.



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