Stamp duty data to give fair snapshot of market
The new property prices register will give details of the address, price and sale of individual properties based on data supplied to the Revenue for stamp duty purposes.
Whenever it finally goes ahead it will be able to capture house sale prices dating back to 2010 because a specific provision is contained in the draft legislation allowing for retrospective collection of data.
However, the historical element will be limited to stamp duty data collected electronically via the Revenue's e-stamping system, which was introduced at the end of December 2009, as this is the legal mechanism allowing for collection of the data.
The need for an accurate property price register became apparent during the property boom, when the National Consumer Agency alleged that some estate agents were claiming inflated property sale prices, helping thereby to inflate the bubble.