Property Prices: More transparency needed?

Property Prices: More transparency needed?

Property Prices: More transparency neededLast summer when the then Minister for Justice, Dermot Ahern announced the initiation of a property sale price database to monitor market trends, most, if not all organisations, agents and punters welcomed the news. However on the publication of the first such index from the CSO last week, the Society of Chartered Surveyors Ireland commented that the CSO did not go far enough to show the true extent of the decline in property values nationwide as an index and that a full register containing actual property selling prices is needed.

John Archer, a member of the Southern Region Council of the Society of Chartered Surveyors Ireland, said a National Property Price Register would enable consumers to see the actual selling price of every property in every part of the country and would enhance consumer confidence in the market.

“Consumers want to see details of actual property prices, and the only way to do this is to make this data available to the public by establishing the register and amending the data protection legislation. It would also bring us in line with other European countries where this data is readily available and used by consumers” Archer said. “Furthermore, we would suggest that the index should offer more detailed information at a regional level, particularly as property values vary significantly by location”, he added.

Property Sale Price Database: Yes / No?

  • Would a more detailed property price index of actual sale/sold prices provide better transparency and lead to a more stable property market?
  • Would it enhance consumer confidence in the market?
  • Could such a database be an infringement on a property buyer’s privacy?

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