The auction house behind last year's distressed property auctions has revealed that almost three quarters of the properties sold were bought for cash.

Allsop Space held four auctions of distressed property and land in Dublin last year.

The company offered 340 lots for sale, and sold 314 for a total of €52.4m.

54% of the properties were in Dublin, 46% were outside Dublin.

The auction house has released figures today showing that 72% of the properties sold for cash, and 28% were sold to people with some level of bank finance.

The majority, 61%, were sold to investors who intended to rent the property.

But one quarter were sold to people who intended to live in them.

8% of buyers said they planned to develop the properties, while 6% were undecided what they would do with their purchases.

39 of the 314 sales were made to people bidding from abroad - totalling €6m.

Already five distressed property auctions are planned for this year - the first will take place on the 1 March.