The Connacht Property Auction: Central Bank introduces tighter lending rules

Liscarney, Westport

Liscarney, Westport

With the next public auction taking place on February 26, The Connacht Property Auction has noted a significant number of buyers are looking to purchase quickly, before their mortgage approval expires. With new rules introduced by the Central Bank, buyers will need larger deposits to purchase property. However purchasers with existing mortgage approval can still purchase under the old rules, until their approval expires. The new rules mean first time buyers need a 10 per cent deposit up to €220,000 and 20 per cent on the purchase price over this amount. Other residential buyers need 20 per cent deposits while investors need 30 per cent. There are some cases where flexibility will be allowable, but in general, larger deposits will be needed when purchasing property.

With strong current interest and buyers looking to purchase early in the year, the auction team are inviting entries for their upcoming auctions which are held in the Menlo Park Hotel, Galway. The company is the only auction provider in Ireland which does not charge admission or marketing fees to enter the auction, making it very appealing to property owners. Furthermore the company also offers an online auction system where all bids are made visible on its website www.connachtpropertyauction.ie

Kilknock, Claremorris

This property is offered at bids over €19,000 in partnership with Gerard Hanley Auctioneers. It is a two bedroom partially completed bungalow c58sq metres (624sq feet ), located approximately five miles from Claremorris on the Cloonfad road. This was a stone built cottage that was stripped back to the bare walls. It has a new roof. Block work is complete internally dividing the rooms. This property offers excellent value for any purchasers and the opportunity to finish the property to their own specification.

St Anne’s Villa, Cahir, Ballinrobe

This property is offered at bids over €55,000 in partnership with Emma Gill auctioneers, Ballinrobe. This three bed bungalow located just around the corner from a lake. The property is surrounded by large tall mature trees and planting to include some apple trees. It is located on a large site and offers great potential with just a bit of TLC and small bit of refurbishment required. It would ideally suit a fisherman or as a holiday home. Viewing is highly recommended to appreciate this charming property.

Liscarney, Westport

This property is offered at bids over €99,000 in partnership with O’Malley Properties, Westport. This four bedroom detached bungalow is located in a spectacular setting offering panoramic views of Croagh Patrick and the surrounding countryside, within easy reach of Westport town. The house is located on a large site. The property comes to the market in good condition and boasts spacious accommodation. The property would make an ideal family home and benefits from oil fired central heating, PVC windows and doors, large double garage, and garden.

Tavnaghmore, Ballyhaunis

This property is offered at bids over €55,000 in partnership with John Higgins auctioneers, Ballyhaunis. It is a beautiful three bedroom bungalow located in a peaceful and tranquil rural location in close proximity to Ballyhaunis and the village of Toreen. The house is finished to a very high standard and comes to the market in good condition. Property benefits from a large garage, oil fired central heating, and white PVC double glazed windows throughout. Viewing is a must of this property.

For more information on any of these properties or the auction, contact The Connacht Property Auction on (091 ) 882121 to arrange for a free property valuation or for more information visit www.connachtpropertyauction.ie

The next public auction is on Thursday, February 26 in The Menlo Park Hotel, Galway at 7pm. Registration starts at 6.30pm.

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