Search Results for 'Gerard Hanley Auctioneers'

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.

The Connacht Property Auction will be held on Tuesday November 11 in The Menlo Park Hotel, Galway. The auction will include properties from Galway city, Dunmore, Inveran, Westport, Castlebar, Ballyhaunis, and Ennis amongst others. Patrick Folan from The Connacht Property Auction noted “we are offering a fantasic selection of properties including residential homes and investments, commercial buildings and also a pub with full licence with starting bids of €81,000. We have had very strong interest over the last few weeks in the properties on offer, particularly with capital gains relief ending in December.” Mr. Folan went on to say “after the success of our last auction where 20 of the 23 properties were successfully sold, we again expect strong interest in the properties on offer.”