New property regulator to be appointed
THE Government is to appoint a property regulator in a bid to introduce more transparency to the market.
Minister for Justice Alan Shatter said he has signed an order to establish a Property Service Regulatory Authority whose functions will include the publication of property sale prices and a commercial lease database.
Under the new rules, estate agents will be required to publish a realistic "advised market value" instead of a guide price.
The new body will also set and enforce standards for auctioneers, letting agents and property management companies.
"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," the Minister said in a statement.
"I am confident that publication of residential property sales prices and information provided in the new Commercial Leases Database will help to restore much-needed confidence and revive property markets."
"The new requirement for transparency when auctioneers provide advice and information about the availability of loans from lending institutions to intending purchasers, will help to avoid the type of conflict of interests which can result in such purchasers borrowing excessively to their detriment," Mr Shatter said.