A house for sale for a pound in Ireland.

Friday, September 03, 2010

A house for sale for a pound in Ireland.

Michael Dempsey a truck driver in Galway wants to effectively give his home in Ireland away because he is struggling to meet the monthly mortgage payments.

He built the house in between the two towns of Moylough and Mountbellew. It was valued at over £300,000 during the height of the Ireland property boom, but is now effectively worthless, certainly as far as Mr Dempsey is concerned.

The Irish property attracted no viewers during the first three weeks of being on the market for sale, and so Mr Dempsey slashed the asking price.

Speaking to the press in Ireland, Dempsey said: “It's a beautiful new house with four bedrooms. It's a shame no one is living in it.

“When I decided to build it banks were giving out money all over the place. I went in at one stage looking for €25,000 [£20,800] and came out with €50,000 (£41,600).

“They ended up lending me 10 times my income, but it seems they were doing that to everyone.

“But the loan was secured against the house I live in, so I'm free to sell this house for any price. I have the deeds to it and am genuinely willing to consider any offer over €1 [83 pence].

“I didn't think things could get this bad in this country, but they have and this highlights it.”


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