Chaotic scenes as repo auction crowds spill into streets

There were scenes of chaos when more than 1,000 people tried to cram into the latest auction sale to be held by Allsops.

The sale, on Friday, had to be delayed and non-bidders were asked to leave the room as attendees spilled on to the street outside, from where some of the bidding took place.

The auction, handled by London auctioneer Gary Murphy, was the first-ever sale in Dublin of repossessed properties.

Most were put up by the Bank of Scotland, the mortgagor in possession of the majority of the 84 lots. Two were withdrawn and 11 did not reach their reserves but were sold nevertheless. However, the other lots sold at or above reserve.

The most expensive lot was a four-bedroom detached house that went for 550,000 euros against its reserve of 600,000 euros, and the cheapest was a three-bed semi for 30,000 euros.

Onlookers reckoned that most the prices were 60% lower than they would have been in 2007, with some lots – chiefly new apartments that had been bought by buy-to-let investors – going for 70% less than the prices at which they were originally marketed.

Murphy won plaudits for his handling of the auction, which took five hours to shift the lots, such was the interest. Usually, he rattles through 250 properties in six hours.

The auction is considered a landmark as it is seen as setting prices in the Irish property market, which has been enduring one of the biggest housing crashes ever known, and where a large number of properties have been repossessed by the banks.

Allsops are expected to return to Dublin to deal with another auction, as early as July. It is expected that the next sale will be a lot bigger – both in terms of lots and the venue.