Taylor Solicitors Cork: The benefits of a Property Price Index

Taylor Solicitors Cork: We hear it all the time… property prices have dropped another X% in the last few months.

And most people never stop and think about where solicitors corkthis information is coming from and more importantly are these types of reports and statistics truly accurate? In a word – No.

Taylor Solicitors Cork

Up until now Ireland has had no centralised accurate database of property prices. If you stop and think about it, it’s hard to believe. As a nation we have no clear record of what property around the country is actually selling for. Statistics you hear on the news generally relate to surveys carried out amongst auctioneers or on the basis of advertised property prices. But to be fair, these are far from hard and fast facts. As a result, prospective purchasers have largely been operating in an information vacuum. The price achieved for a property comes down to negotiating skills and the relative strength of each party’s position.

In a major step forward in this area, Alan Shatter has stated he intends to expand the role of the Property Services Regulatory Authority to include publishing information on the sale of houses and apartments. This will include the property address, the sale price and the date it was sold. These provisions are to be included in the long awaited Property Services (Regulation) Bill. For people entering the property market, this will provide valuable information and could prove crucial when it comes to price negotiation. Likewise for sellers, it will encourage those placing property on the market to seek a realistic price from the get go. In my opinion this kind of information can only boost the market and increase activity.

On the flip side, as a nation we like our privacy…. We don’t want Mrs. Murphy down the road to know our business, let alone how much we raked in for that 3 bed semi. This right to privacy is protected in our constitution and in theory this new law could be deemed to be unconstitutional. Time will tell.

What is clear is that for too long hearsay and unreliable statistics have been a part of a culture fuelling the growth and subsequent demise of the Irish property market. Reliability, hard facts and figures are what this country needs.

Taylor Solicitors Cork

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