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Dublin: 16 °C Tuesday 21 May, 2013

Real sale prices of houses to be published – Shatter

The Minister for Justice has announced a new property regulatory body which will provide more transparency to the property market.

Image: Sasko Lazarov/Photocall Ireland

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.

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Comments (41 Comments)

  • Fagan's 04/04/12 #

    Good to see this happen.

    Less of the shoulda, coulda, wouda comments people. It’s never too late to do the right thing.

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  • Reg 04/04/12 #

    Well done Alan Shatter. Lets see all the asking prices come down to reality.

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  • This is a big step in the right direction and is to be welcomed. Did the minister give an exact date we can expect this data to be available from?

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  • About time its only taken 35 years of goverments trying to stop it. This will make a massive difference now, I know of 2 recent sales of houses in prime locations in south dublin asking for example ( 4 bedroom) for 490,000 but actually sold for 410,000 thats a 80,000 drop. But daft.ie wont tell you this…they will just say yeah there are looking for 490,000 so thats what the property is worth & property is on the rise (vested interested idiots). Anyone with a half a brain would wait until this comes out in June 2010. You will be surprised at how cheap houses are selling for in good areas…loads of unrealistic sellers are going to get a lovely shock with this comes out & will have to get with the times and sell at value for money price. The obsession of property in ireland is such an illness…people think you deserve to make a profit on a house when in fact you DO NOT!

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  • just what we need, another government appointed body…..

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  • they are wont be able to restore confidence until they help those in negative equity. and todays prices are still expensive especially with all the job loses and the fact that the banks wont lend money that easily anymore

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    • they will not be helping people in negative equity. they will help the banks recover though. anything the government is saying about helping joe soap is a lye. the people on the ground are the people who will suffer

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  • Great idea if anyone could sell a bleed’n house. There goes another horse lads.

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    • Jobs for his mates i’d say!

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    • FFS… He isnt looking to collect this information to help stabilise the housing market, he is collecting this information so that next year they can introduce the property tax on us…. Lieing piece of crap!!!!!!!!!

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    • ”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”

      Now it’s just a matter of when Alan?

      2015?
      2020?

      How about the same time you change the prehistoric insolvency laws?

      Namely
      Never!!

      Reply
  • (null) 04/04/12 #

    I think Shatter should be more worried about controlling the Banks future residential lending limits than anything else. The UK did not suffer anything like Ireland did because of simple lending rules (imposed after their property collapse): single buyer 4 times income, joint buyer 4 times main income plus 1 time for the second income or you could use 3 times joint income.

    By the way should somebody tell Shatter the Revenue has all the achieved prices for the last 30 years from Stamp Duty receipts!

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  • About time it was a joke having the likes of sherry fitz dictating the prices for their own profits.

    Just hope it works. Mind you I can see this affecting the property tax directly.

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  • iBob101 04/04/12 #

    I cannot believe we’re getting a new quango for this. It’s just a bloody list – how hard can that be?

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  • Cork 04/04/12 #

    It’s a good idea .. But about ten years too late .. In the boom years people had to contend with fake bids to drive up the price of the house – It happened to me so I know. A bid should be recorded in writing and stamped by a peace commisioner on a legal document before its admitted.

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    • Over here in Sweden when you go their “myhome” type site to look at a property you can see what every property in that area has sold for over the previous three months. Not only that, but if there’s been more than one bid you can see a complete history of bids on any of those properties. There are also statistics for average house age in the area, average selling price etc.
      Wouldn’t have worked in Ireland back in the day, builders and real estate agents wouldn’t have been able to rip you off so easily, and then they wouldn’t have had any money for their brown envelopes – politicians, sorry – gangsters couldn’t have that now could they???

      Reply
  • P Wurple 05/04/12 #

    About fecking time that information was made available. Why the heck does it need another ‘authority’ though!

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  • Remember how useless the irish financial regulator turned out to be!!!!
    All Shatter is doing here is pissing our hard earned PAYE down the drain into another quango, rather than decreasing the number of quangos!

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    • Reg 04/04/12 #

      Not true. He is helping a future generation of Irish house buyers to access essential information for the largest purchase they will ever make. This is needed.

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    • Whilst the publication of the figures is Reg, the creation of this authority isn’t, it’s a waste of money, I work in the Land Registry and we have these figures as soon as a solicitor lodges the deed of transfer, why not as us to collate it, we’d be delighted for the extra work and the potential revenue of selling the data to daft and the like

      Reply
  • A total of 113 applications were received for what, ten positions, with 450k unemployed and graduates leaving by day and by night??? Where were the jobs advertised? Seems odd that so few would apply for so many positions.

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  • Too little, too late.

    P.

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  • Give it a chance. It is a change from the past!

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  • Long overdue. But yet another quango. It’s a can’t win scenario.

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  • Any idea when this might start?

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  • franco 04/04/12 #

    Just what we need another body .

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  • This is just the gov self serving their crap policies they require this as part of their taxing of family homes and is just one part of the valuation process .this new agency is not staffed by volunteers in a free office using free equipment it’s another expensive piece of bureaucracy to be paid for by the tax payer there should be only two people interested in the price of a property that is the vender and the purchaser.
    Enda you fatted calf granddaddy of Leinster house not one cent more

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  • The surveyors/auctioneers were responsible for three important and interlinking practices which created the bubble and crash.

    First the valuation error i.e valuing all 5 euro notes as 20 euro
    Second the ruinous commercial property lease law
    And third 95% of all property sold in the state is sold by surveyors/auctioneers.
    They controlled where the vast property advertising money was spent. Almost all of it was spent with the broadsheet media and the Irish Times got the lion’s share. Therefore these auctioneers controlled the Irish Times property propaganda and all the other broadsheet media property propaganda. They had enormous influence in these papers editorial policies.

    This third item was the fatal one–the media faciltating this propaganda. There were other useful idiots like the soft landing economists etc etc. In matters of church or state the man with the money carries the weight.

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  • Dario Fo 04/04/12 #

    Looks like Shatter is on a run. He did a solo run in the courts, and looks like he is at it again. Enda watch out, the shatter is about…

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  • It’s all a load of shite seriously,
    If people make an offer and want to buy then a deal will be done in most situations,
    Anyone interested in a 3 bed house in Loughrea on 2 acres for €95,000 ??????

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    • Fagan's 04/04/12 #

      It is not a pile of shite. In normal countries, countries that look after their people, the Govt’s demand that prices are transparent so that the buyer can see what is a realistic price in the market, it prevents estate agents and brokers robbing people blind.

      However when one looks at parties like FF, where at one stage 20% of its TD’s were auctioneers, where all its funding was from developers, where most of its reps were pocketing donations from developers.

      Well that leads to the property crash we have, and that my friend is a real load of shite on all of us.

      Reply
  • Only problem with shatter setting this body up is the introduction of the property tax.What the bet we informed that property prices are rising thus justifying the high property tax that will be hoisted on the hard pressed home owner…Any regulatory body set up by the government for the government is answerable to the government.Just look at the banking regulator,energy regulator what did we get higher prices….So no we do not need this quango

    Reply
  • All 2 late unfortunately

    Reply

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