O’Donnellan & Joyce’s last auction of the year, which will be held on December 12 in the Harbour Hotel, is expected to attract enormous interest from buyers, particularly investors and first time buyers, as it will be the last opportunity for investors to acquire properties with the Government tax incentive whereby those holding a property for seven years will be exempt from capital gains tax on any profit made on disposal of the property.
Mary Fahy, the auction co-ordinator at O’Donnellan & Joyce, said this week: “First time buyers will be trying to acquire properties as they only have until the end of the year to avail of the 90 per cent mortgage as per the latest Central Bank regulations, which outlined that the maximum the bank will be able to give first time purchasers will be 80 per cent in the New Year. As a result, this could be the last opportunity for vendors to get premium prices for properties as it is anticipated that 2015 could be quieter due to the limitations on the amount of money that first time buyers can obtain and the lack of tax incentives for investors.”
O’Donnellan & Joyce offers a free appraisal and valuation service for anyone considering selling a property through the auction process. The company’s auctions are the largest in the west of Ireland and it has disposed of more properties by public auction than any other company in Ireland, and has also achieved the best results.
According to Ms Fahy O’Donnellan & Joyce has auctioned in excess of 250 properties so far this year, and recorded a record number of transactions.
The auction will be held on December 12 and people who are considering selling a property have until October 31 to register. All properties that are placed up for public auction have a leading time of five weeks, and O’Donnellan & Joyce’s properties are open twice a week to the general public. Viewings can be arranged by private appointment.
For further particulars and a free consultation in relation to disposal of a property by public auction, contact the O’Donnellan & Joyce auction team at 091 564212.