The Connacht Property Auction — Central Bank introduces tighter lending rules

Corskeagh, Gurteen.

Corskeagh, Gurteen.

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 the upcoming auction which will be 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. The company also offers an online auction system where all bids are made visible on its website www.connachtpropertyauction.ie

Corskeagh, Gurteen: Offered at bids over €90,000 in partnership with Lyons and Bracken auctioneers, Athenry.

This three bedroom bungalow style residence is in excellent decorative condition and is ready for immediate occupancy. The property is excellently located in the village of Gurteen which has a primary school and access to a vast choice of post primary schools in Athenry, New Inn, Castleblakeney, and Mountbellew, making it an ideal rural retreat for a growing family. Galway and Athlone are only a short commute by car. There is also an option to purchase 3.7 hectares of land separately with this property.

Claran, Headford: Offered at bids over €129,000 in partnership with Emma Gill auctioneers, Ballinrobe.

This is a three bedroom detached residence situated in a beautiful countryside setting surrounded by a large garden. The house sits on an almost one acre site. The location is second to none, just 10 minutes from Headford town centre, five minutes’ drive from Lough Corrib, and within easy commuting distance of Galway.

This property is ideally suited to a family or first time buyer and is very well finished with plenty of living space. Accommodation includes sitting room with open fire, kitchen with combined dining area, utility, three bedrooms (one en suite ), and a large attic with option to convert. There is also a Stira stairs installed leading to the highly insulated attic with lighting and flooring installed for storage.

Externally the property is surrounded by mature lawns and trees with tarmac driveway around the property. There is also a spring well, and a septic tank and treatment plant also in place.

The Dawn, Lisdoonvarna, Co Clare: Offered at bids over €82,000 in partnership with Arthur and Lees auctioneers, Ennis.

This spacious 10 bed detached property comes with a separate two bed apartment.

The property offers spacious living accommodation and comes to the market in excellent condition. It benefits from double glazed windows, oil fired central heating, and solar panels. This property offers excellent potential and viewing is highly recommended.

No 14 Curragh Park, Ballinasloe: Offered at bids over €40,000 in partnership with Paddy Keane auctioneers, Ballinasloe.

This three bed semidetached property is excellently located close to all the amenities Ballinasloe town has to offer. The property is within close proximity of Athlone and Galway. Accommodation comprises entrance hall, sitting room, kitchen/diner, three bedrooms, and a bathroom. The property benefits from solid fuel central heating and mature gardens to the front and rear.

The next public auction will take place on February 26 in the Menlo Park Hotel, Galway, at 7pm. Registration starts at 6.30pm.

Contact The Connacht Property Auction on 091 882 121 to arrange for a free property valuation, or for more information visit www.connachtpropertyauction.ie

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