Homes in Ireland will go under the hammer today in a so-called distressed property auction.

Nearly 700 people have turned up for the event, a turnout lower than expected, but even still nearly 100 people were queuing to enter before 10am this morning.

This is the third Allsop/Space auction of distressed properties, this year’s event is being held at the Shelbourne Hotel, Dublin.

The majority of the properties listed have already been marked as sold.

Meanwhile the Irish Times have reported that a small group of protesters greeted those attending the event in Dublin.

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According to the news website the protesters are demonstrating against what it says is the sale of repossessed homes.

The People's Association Watchdog group said, with so many families and homeowners under pressure from banks to pay mortgages, it is immoral to buy repossessed homes at "knock-down prices".

However, the company running the auction is insisting that only three of the properties have been "returned" to the banks, rather than "seized".

Space Director Stephen McCarthy accepted there were some very sad stories behind some of the lots.

He said: "I am very conscious of the stories behind some of the lots and very aware of the pain involved in someone losing their home."

However, he stressed that none of the houses on sale had been forcibly repossessed and pointed out that the owners of the three lots which banks had repossessed from individuals, had voluntarily returned the keys.

(LB/BMcC)