Mortgage applications jumped as bank showcased auctioneers

WHAT is the collective name for people who sell property? A bid of auctioneers? A sale of auctioneers? Or perhaps a rivalry of auctioneers? Whatever the name, that's what was to be seen in the Bank of Ireland, Tuam, last week when the bank showcased the business of local auctioneers as part of National Enterprise Week. [private] Seven of them came together for a group discussion, and their businesses and portfolios were highlighted in displays in the branch. Tom Forde, Commercial Manager, BoI Tuam, said they were thrilled with the response from the people and businesses of Tuam to National Enterprise Week. 'We provided a unique opportunity for the auctioneers to display a portfolio of properties in the branch. A number of customers and non-customers got a shock but were delighted when they saw the property they were selling through a local auctioneer displayed in Bank of Ireland. 'We experienced a five-fold increase in the average weekly number of mortgage applications during National Enterprise Week and the number of general mortgage conversations was unprecedented. 'Feedback from the auctioneers was that property enquiries escalated significantly and there is a genuine interest from the public to explore value opportunities' Tom Forde continued. He added that 'Bank of Ireland is now the bank of choice for mortgages, providing 50 per cent of all mortgages in Ireland in 2011. 'The Bank is also a large player in the deposit market and is greatly benefiting from the savings culture in the cohort of people who are looking to buy property but have yet to decide on a house, agree a price and have the courage and confidence to follow through. 'I talked to hundreds of customers and non-customers this week who have the repayment capacity to take out a mortgage and the purchasing power to buy a family home and want to live in the greater Tuam area. National Enterprise Week in Tuam was a resounding success and it is very encouraging to meet and support people and businesses who have a genuine and achievable dream to live and work in North Galway' he concluded. [/private]