More buyers are now using finance to purchase property by auction in Ireland, according to Allsop Space.
The auction house has raised €122 (£104m) by selling 777 lots with a 93% success rate in Dublin since April 2011, according to its latest auction review.
Allsop Space director Robert Hoban said buyer behaviour changed during the course of the firm’s nine sales, with an even split emerging between cash-buyers and those using finance.
“In our first auction back in April 2011, 85% of our purchases were cash-buyers, however now 46% have confirmed they’re buying with finance in place.”
The types of property being offered has also changed over time. The number of commercial lots increased from 12% at the firm’s first auction to an almost even split between commercial and residential property in December 2012.
Hoban said: “The introduction of large-scale auctions has introduced a new way to trade property in Ireland. The message is that if you offer a property in an open and transparent form, there’s a large appetite among the buying public.”
samantha.baden@estatesgazette.com
