The National Asset Management Agency (Nama) has extended its deferred payment scheme aimed at stimulating the property market to a further 180 houses.

The properties are in 12 counties throughout the country, including Dublin, Kildare and Wexford, with prices starting from €100,000.

The deferred payment scheme was launched as a pilot in May, and covered 115 houses. Under the initiative, buyers are protected from price falls of up to 20 per cent over the next five years. When buying, 80 per cent of the sale price is paid up front, with 20 per cent falling due in fiver years’ time. An independent assessment of the property’s value will ascertain how much if has fallen in value over the period – if at all – and that will be deducted from the 20 per cent payment.

Chief executive Brendan McDonagh said the scheme was still at an early stage, but had been positively received by would-be buyers.

“We have established that concerns over potential falls in house prices remain an issue for buyers,” he aid. “The extension of this initiative will help address these concerns for buyers in nine more counties, in addition to the three included in the pilot phase.”

Three banks are participating in the scheme - Bank of Ireland, AIB subsidiary EBS and Permanent tsb bank.