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NAMA adds another 100 properties to 80:20 scheme

NAMA extends 80:20 initiative after positive response from home buyers
NAMA extends 80:20 initiative after positive response from home buyers

The National Asset Management Agency has released more properties to its 80:20 deferred payment housing initiative.

It said it will add another 100 houses and apartments in Cork, Dublin, Limerick and Wicklow to the scheme, bringing the total to almost 400.

The new properties range in size from two bedroomed apartments to five bedroomed houses, with prices ranging from €95,000 to €370,000.

NAMA said it was extending the initiative after a positive response from home buyers.

The 80:20 scheme has resulted in 120 houses being sold, generating sales of €22m, since it was launched last year.

Under the scheme, 80% of the agreed sale price of the property is paid upfront. The remaining 20% is due in five years' time. How much, if any, of that 20% is then due will be calculated on the basis of an independent assessment of the property's value at that point.

Three banks - Bank of Ireland, AIB (through its subsidiary EBS) and Permanent TSB - are taking part in the initiative.

NAMA chief executive Brendan McDonagh said the success of the initiative to date means it makes sense to extend it to more properties.

''While CSO figures suggest residential property prices appear to be stabilising, protection against falling values continues to be an attractive feature for prospective buyers,'' he said.