Hopes property register will be big step in market revival
THE publication of a new register of every house and apartment sale over the past two years was hailed last night as a key step in instilling confidence in the property market.
The new website contains the price paid for all residential properties.
For the first time ever, details on the date of sale and the address, including the house number, of each residential property sold since January 2010 have been published at www.propertypriceregister.ie
The sales prices for some 50,000-plus properties are featured on the site. According to the register, deals worth some €11.9bn have been done since the start of January 2010. The register details the decline and apparent stabilisation in the market over the last three years.
The number of transactions declined sharply from nearly 21,000 in 2010 to less than 18,000 a year later.
Up to September 21, just over 14,000 deals have been done.
The value of the transactions has dropped dramatically over the same period.
In 2010, €5.2bn changed hands, but up to a fortnight ago, this year's sales were worth only €2.8bn.
The site also features some of the marquee properties of the boom. The former home of property developer Bernard McNamara at 22/24 Ailesbury Road in Dublin went for €10m, while former AIB chairman Dermot Gleeson's home nearby went for €5.2m.
The publisher for the site, Property Services Regulatory Authority, said the information will be updated regularly and, for the most part, the data will be published within a month of the date of sale of the property.
Yesterday, economists said the new details were a key step in reviving the market. Most economists and commentators feel prices have stopped falling.
Housing economist Ronan Lyons said the website meant buyers and sellers would now have confidence about pricing.
"If you are buying you will no longer fear that you are paying twice what next door sold for a few months ago," he said.
Up to now there has been no information on actual sales prices in the market.
The data produced by the Central Statistics Office only gives percentage changes in a property index from one month to the next. And the CSO does not count cash sales.
Other indices, such as those produced by Daft.ie and MyHome.ie, give asking prices. The asking prices are what sellers are looking for and may not reflect actual sales prices.
"This new resource at propertypriceregister.ie will give some stability to the market," Oxford University-based Mr Lyons said.
However, he said the site had a number of limitations. It does not give size of the properties, the size of the site, or specify if it was a cash or a mortgage sale. So, you won't know if the house was a three-bed or a five-bed property.
And there is no index of whether property prices have changed. Economists will now have to compile one using the data on the website, showing where prices have gone between January 2010 and last month.
The International Monetary Fund (IMF) had demanded the new register be put in place to make the market more transparent.
Meanwhile, the latest property price index showed a 3pc fall in prices in the July, August and September period.
The Daft.ie index, which is based on asking prices, found a 3pc fall in the third quarter. But prices rose by 2.8pc in south Dublin.