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Eamonn Farrell/Photocall Ireland

NAMA drops 80:20 home buyer scheme citing improving market conditions

Under the 80:20 deferred payment initiative, buyers pay 80 per cent of the value up front with a valuation then carried out after five years.

NAMA HAS SAID that the stabilisation of the housing market is the reason a scheme that encourage property purchases has been stopped by the agency.

Under the 80:20 deferred payment initiative launched in May 2012, buyers paid 80 per cent of the value of a selected NAMA properties up front. The home was then revalued and the buyers paid the balance of the new valuation, protecting them against price falls of up to 20 per cent.

But NAMA chief executive Brendan McDonagh said today that the scheme will end in May after it had ‘achieved it’s objectives’.

“Feedback from buyers suggests fears of price falls have abated considerably in recent months. Many buyers cite evidence from the CSO and the market that house prices are rising in Dublin and stabilising in other parts of the country,” he said.

NAMA say that to date 224 homes have been sold under the initiative with €44 million generated.

These 224 sales come from a total of 412 properties that were made available, a purchase rate of 54 per cent.

The protection will remain in place for buyers who sign contracts before the end of May 2014.

McDonagh also explained that one of the goals of the initiative was to encourage purchases so that there was greater price discovery in the market, this also no longer needed he said:

The initiative was only ever intended as a short-term measure to remove the fear of negative equity for buyers at a time when there were few residential property transactions in the Irish market.

Read: Another 180 houses now available through NAMA’s 80:20 scheme >

Read: NAMA pilot mortgage programme to insulate buyers from negative equity >

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    Mute ItWasLikeThatWhenIGotHere
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    Jun 11th 2024, 7:04 PM

    There is an adjoining report that Harris states that ‘you can’t pitch a tent anywhere you want’.

    I have a question: when these tents are distributed, are those they are given to told where they can be pitched?

    I have another: is there anywhere where they can be pitched that is acceptable to the government?

    And who is paying for these tents anyway?
    The government, via ‘charities’, on behalf of the taxpayer?
    The government, which then destroys those tents within hours of distributing them?

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    Mute Sean Money
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    Jun 11th 2024, 7:35 PM

    @ItWasLikeThatWhenIGotHere: they are pitched up in Milltown now making camp.

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    Mute ItWasLikeThatWhenIGotHere
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    Jun 11th 2024, 7:40 PM

    @Sean Money: @Sean Money: Do you know if there is anywhere these can be pitched that is acceptable to the authorities?

    If not, then why are these being distributed?

    Are our government departments really *that* disfunctional?

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    Mute Sean Money
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    Jun 11th 2024, 7:46 PM

    @ItWasLikeThatWhenIGotHere: exactly they are in cahoots with the tent makers, millions spent on tents now

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    Mute Robert Halvey
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    Jun 11th 2024, 6:44 PM

    See this ffg governments will never and I mean never stop pollution of everything for profit ,

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    Mute Thesaltyurchin
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    Jun 11th 2024, 7:35 PM

    @Robert Halvey: Bet they sell the fish too!!

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    Mute Max
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    Jun 11th 2024, 6:50 PM

    Slurry, I suppose. Farmers, I suppose.

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    Mute Mike Mulcahy
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    Jun 11th 2024, 7:54 PM

    The reason it was only reported yesterday is because nobody works the weekend

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    Mute Michael o Dwyer
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    Jun 11th 2024, 7:32 PM

    I don’t see pike on the list. Probably being killed off by the angling clubs. They kill pike all over Ireland seemingly with the blessing of the IFI. Taking out the predators leaves weak and sick fish to spawn. In turn making the fish sizes smaller in the rivers. You don’t take a predator out of a habitat

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    Mute Brian Murphy
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    Jun 11th 2024, 8:52 PM

    @Michael o Dwyer: it’s not the clubs killing them off, it’s the international fishing folk who clean out the rivers and lakes of every fish they get their hands on, no matter the size . They are a plague

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    Mute Daniel Killeen
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    Jun 11th 2024, 8:57 PM

    @Michael o Dwyer: It’s more likely that it’s just a narrower river that doesnt contain pike. Of which there are many around the country

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    Mute sakk sa
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    Jun 11th 2024, 10:11 PM

    Pharmaceutical waste !

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    Mute P. V. Aglue
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    Jun 11th 2024, 10:32 PM

    @sakk sa: irish water chemical leak at the water plant, either chlorine or fluoride

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    Mute Sean Money
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    Jun 11th 2024, 6:43 PM

    Hopefully the carcasses can be salvaged for food or even pet animal feed.

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