Banks ‘finally’ moving to put vacant repossessed houses back on market
BETTER late than never.
That was the sentiment expressed by Cork County Councillor John Paul O’Shea (FG) who has said that he hoped to see banks continue to take a more proactive approach to put vacant properties under their ownership back into the housing market.
Earlier this month Cllr O’Shea vented his frustration at delays in turning vacant properties round for use, taking up the matter directly with the CEOs of AIB, Permanent TSB and Start Mortgages.
He cited one example of a property Banteer that had laid idle since being repossessed nine-years ago, pointing out he had written numerous mails to a particular bank about the property.
“Despite my efforts I am still none he wiser about who even owns the property, much less about any plans to rent it out or sell in on.”
Cllr O’Shea said that was just one example of what he said was the “perceived reluctance” on the part of banks to bring many repossessed houses back up to a liveable standard.
“I have attempted to engage with other banks about repossessed houses in the North Cork area that have been allowed to fall into a derelict condition. However, this has proven to be incredibly frustrating. Often my requests for information or updates are ignored, while at other times bank officials simply pass the buck. Perhaps it’s a case of ‘out of sight, out of mind’ with derelict properties in rural areas,” said Cllr O’Shea.
“Not only are these properties a visual blight on our countryside, but they serve no purpose as they are. Surely it would be in the banks interests to bring these properties up to standard so they can be sold or rented to the public.”
Speaking to The Corkman this week Cllr O’Shea said his efforts have finally seemed to bear some fruit.
“Since I wrote to the three CEOs, there has been movement on the properties I raised. One property, which has been vacant and derelict for almost a decade has been put up for sale. I have been informed that another vacant property will be put on the market within weeks,” said Cllr O’Shea.
“It is to be welcomed that the banks are finally listening and are willing to move on their vacant properties. Certainly, it would have been better if they had acted on there properties sooner, but it is welcome all the same,” he added.
Cllr O’Shea said he hoped to more progress being made on the issue in the near future.
“Irish banks and mortgage companies are in possession of a huge number of vacant and derelict properties around the country. Given the shortage in housing it is important that they do not unnecessarily hold onto these properties,” he said.
“Bringing these properties up to a liveable standard will increase the numbers of properties on the market and will also remove visual blights on our countryside.”