Friday 27 November 2015

Delvin price cuts get NAMA cover

Published 16/11/2012 | 05:00

Further price cuts of up to 31pc have been made on some of the houses for which NAMA offered protection against a price drop last May. Located at Delvin Banks, Naul, north Co Dublin, the houses range in size from two to five bedrooms.

The price cuts are greater than the 20pc cover which NAMA offered on its price guarantee. Officially known as the 80/20 Deferred Payment Initiative, the guarantee offers the buyer protection against the risk that the value of house may fall by as much as 20pc, within five years, from when the house was bought.

Now the Delvin Banks prices start from €125,000 for a two-bedroom terraced house which is €50,000, or 29pc, below the price agreed with NAMA last May.

The most expensive Delvin house is the C type five-bedroom detached which, at €285,000, is down €105,000, or 27pc, from its May price. The sharpest price cut, percentage wise, is for the G type two-bedroom semi-detached house, which is down 31pc, or €60,000, to €135,000.

These houses were among the 254 countrywide houses for which NAMA offered its price guarantee when they were released in two tranches, one in May and the other in October.

However, despite the guarantee and the recent upturn in market activity, sales of some of these NAMA-covered homes have been slow. At Delvin Banks none of the houses sold since NAMA introduced its price guarantee although as many as 50 of the 67 in the estate had sold prior to that.

Delvin Banks features 11 different house styles ranging in size from 76.6sqm to 191.8sqm and includes four bedroom semi-detached homes.

Joint agents are O'Farrell Cleere 01 8453377 and REA Cumiskey 01 8413000.

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