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The Allsop decision not to sell any repossessed family homes must now be explicitly replicated in written agreement by (IPAV). Photo: iStock

The news that The Irish Mortgage Holders' Organisation (IMHO) has secured a written agreement from Allsop Space that it will not offer repossessed family homes for auction in cases where banks have failed in advance to strike an acceptable deal with the properties' former owners over their outstanding mortgage debt, should now be replicated by the country's auctioneers, according to Independent TD Mattie McGrath.

“I am more than happy to acknowledge that the protest in which I and several other Independent TD’s took part, has no doubt contributed to the willingness of Allsop Space to offer this written agreement to the IMHO. At that terribly sad auction, 121 properties were put up for sale by an English group of auctioneers; 85 per cent of which had no goodwill. They hadn’t a proper title in many cases either.

"I also challenged the Tánaiste later that day as to whether he would deal with the code of practice for the bankers and chancers who are creating misery for people. It is plain for all to see that he has done nothing of the kind.

"The Allsop decision not to sell any repossessed family homes defined as principal private residences must now be explicitly replicated in written agreement by The Institute of Professional Auctioneers and Valuers (IPAV) here in this country. The whole weight of the governance and oversight process in terms of repossessions seems to stand in favour of the banks and other lending institutions; we need to immediately change that and to choose instead to work along the very productive lines of engagement such as those secured by the IMHO,” concluded Deputy McGrath.

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