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.
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.
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.