Public meeting to address defective concrete impact on property market - Donegal Daily

An important meeting is to be held in Letterkenny later this month for those experiencing difficulties in the property market due to the defective concrete issu...

An important meeting is to be held in Letterkenny later this month for those experiencing difficulties in the property market due to the defective concrete issue.

The meeting is being hosted by the Banking and Insurance Focus Group, which represents those impacted by the crisis in multi-stakeholder discussions on issues such as banking, insurance, mortgage and conveyancing.

One of the issues they have highlighted and are working on is the impact of defective concrete, or the stigma of the word 'mica,' on property values.

While the science surrounding defective concrete blocks has changed, there are concerns that banks, insurers and the wider housing market have not kept pace.

Examples include how some owners have encountered difficulties selling properties found to contain varying percentages of 'mica' but no other deleterious materials.

In a letter Minister of State at the Department of Finance, Robert Troy, the group highlighted continuing difficulties with mortgage finance, restructuring existing loans, insurance cover and financial certainty for homeowners navigating remediation.

The Group also specifically raised what it described as “the legacy of the incorrect mica definition”, saying this has contributed to uncertainty and inconsistency in lending and valuation practices.

The Focus Group has called for a practical framework to provide greater clarity and consistency in the housing market in affected areas.

They are now holding a meeting on Friday, October 23rd in Letterkenny and anyone who has been or is experiencing difficulties in the property market, whether buying or selling, due to the defective block issue, is encouraged to attend.

The meeting will be held at the premises of Karen Murphy Speech and Drama at Rossview Business Park, Port Road, Letterkenny (opposite Lidl) at 7pm.

Anyone who wishes to join online can obtain the link by emailing banksandinsurancedcbfocusgroup@yahoo.com.