MINISTER FOR JUSTICE Alan Shatter has announced a new property regulatory body which will publish the sale prices of residential properties in Ireland for the first time.
The new Property Services Regulatory Authority will provide transparency the help to restore confidence in the property market, the Minister said today.
The Authority will also license auctioneers, letting agents and property management agents, and establish a commercial leases database.
“I believe that the lack of transparency in the residential housing market and the absence of proper consumer protection standards have contributed in no small way to the problems of recent years,” said the Minister.
Under the legislation, auctioneers will be required to publish a realistic ‘advised market value’ of property for sale rather than using the more discredited ‘guide price’.
The move was welcomed by the Society of Chartered Surveyors Ireland who said that the move was long overdue but would provide consumers with a greater level of confidence in the sector.
Minister appointed a Chairperson and ten ordinary members to the Authority having said last December that he was seeking expressions of interest from suitably qualified members of the public to be considered for appointment.
A total of 113 applications were received.
The Chairperson is Geraldine Clarke, a solicitor in Dublin and a former president of the Law Society.