Property auctions seem to becoming more and more popular as the weeks go by with local agents around the country organising their own auctions and selling off properties at knock down prices. Easy Let Estate Agents based in Letterkenny, Donegal are holding one such auction today at the Mount Errigal Hotel which will see more than 40 properties located across the county go under the hammer.
The auction, which kicks off at 2pm this afternoon has a mix of properties on offer including holiday home in Greencastle with a reserve price of €25,000 to a 13 acre site in Culdaff with five properties on it for a reserve of €290,000.
New house price data released yesterday by the CSO reported that the fall in house prices in June was the fastest for more than two years. Over the last year the price of the average house has fallen by 13% with prices now down 42% from the peak. Some Economists believe that recent distressed property auctions have accelerated the price declines and are responsible for prices falling so much. Properties offered at auctions have been as much as 60% below what they would have been at the peak of the boom.