Tuesday 26 September 2017

NAMA puts 100 homes on market with guarantee

Donal Buckley

NAMA has put an extra 100 houses and apartments on the market under a scheme designed to protect buyers from falling prices.

This brings to 280 the number of homes currently available for sale under a scheme known as the 80:20 deferred payment initiative.

Since it was launched last May, NAMA has sold 120 properties, generating €22m in sales. The latest houses are located in nine developments in four counties, Cork, Dublin, Limerick and Wicklow, and six of these developments are new to the scheme.

The homes range in size from two-bedroom apartments to five-bedroom houses, with prices ranging from €95,000 to €370,000.

NAMA's scheme – only for owner-occupiers – offers homebuyers a price guarantee that if their house price has fallen five years later, the amount of the fall will be deducted from the amount of the mortgage they are repaying.

The amount of the guarantee against negative equity is restricted to 20pc of the price.

Among the new developments included is Goldenridge, Skerries Road, Rush, in north Dublin. There a choice of three and four-bedroom terraced, semi-detached and four-bedroom houses are available at prices starting from €140,000 for the three-bed, mid-terraced house; €169,950 for the three-bedroom semis and from €193,000 for the four-bedroom houses.

In Dublin 18, an extra 10 apartments, priced from €175,000 are being offered at Carrickmines Manor, Glenamuck Road. These prices are below the €195,000 to €200,000 which similar two-bedroom apartments sold for this year in other Dublin 18 complexes.

At Woodborough in Tower village, north west of Cork City, four bedroom detached houses are being sold from €335,000. Local agent Pat Falvey of Carlton Real Estate says these prices are 61pc below the €850,000 which these were fetching at the peak of the market.

In Aughrim, Co Wicklow, three, four and five bedroom houses are available in Aughrim Hall with the three-bedroom end of terrace house starting at €150,000.

Meanwhile, in Delvin Banks in north Dublin, seven of the 12 houses in the NAMA scheme have been sold since last October when they dropped their prices. Now five houses are available ranging from €235,000 to €250,000 for four bedroom homes.

Further information on properties included in the initiative can be viewed on www.nama.ie.

Irish Independent

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