The National Asset Management Agency (NAMA) has extended its residential mortgage 80:20 Deferred Payment Initiative to an additional 180 houses in 12 counties.

The houses included in the new phase are located in the following counties:

Carlow, Clare, Cork, Dublin, Galway, Kerry, Kildare, Kilkenny, Limerick, Meath, Sligo and Wexford.

The houses range in size from two-bedroom to five-bedroom with prices starting from €100,000.

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The Agency is extending the initiative after a positive response from home buyers during the pilot phase, which was launched in May.

Commenting on the extension of the 80:20 Initiative, NAMA Chief Executive Brendan McDonagh said: "This initiative is still at an early stage but it has been favourably received by prospective purchasers. It is aimed at instilling confidence in people that they can buy a home without the immediate worry of falling values and facilitating greater price discovery."

Mr McDonagh also said the pilot phase achieved its objectives.

"We have established that concerns over potential falls in house prices remain an issue for buyers. The extension of this initiative will help address these concerns for buyers in 9 more counties, in addition to the 3 included in the pilot phase."

(CD)