Deferred payments plan aims to restart property trade

NAMA is to introduce a deferred payments scheme in an effort to kick-start the property market as it yesterday released details of 847 properties that are in receivership or administration.

NAMA chairman Frank Daly explained that the agency would initially seek only 80% of the purchase price of any property under its control which will be placed for sale.

Under the scheme, buyers will not have to pay 20% of the purchase price for the first five years.