Fall in repossessions in Ireland for 2011

Wed, 04 Jan 2012

The number of home repossessions granted at chancery summonses in the High Court in Ireland dipped in 2011, it has been revealed.

According to figures obtained by the Irish Times, this level fell for the first time since 2009 thanks partly to a new legal challenge.

In July, Ms Justice Elizabeth Dunne delivered a judgement that uncovered a flaw in legislation relating to property repossession - namely that aspects of the old guidelines were dismissed when the Land and Conveyancing Law Reform Act 2009 came into play.

Therefore, only properties for which full payment was demanded before December 1st 2009 could be repossessed for failure to pay back the home loans .

As a result, just 250 possession orders were granted in the last year - markedly fewer than the 311 recorded at the same court one year earlier.

More than 100 of the orders that were granted, however, referred to family homes, while 40 were for one-person dwellings and the remainder commercial buildings, buy-to-let properties and other pieces of land.

Last month, managing director of online property data network xit2 Mark Blackwell noted the ongoing crisis in the Eurozone could prompt an upward trend in repossessions .

Link to this page

Copy and Paste the following HTML into your page.