Proposal from Daly gets support
A PROPOSAL for a government body to oversee the future direction of the residential property sector is beginning to gather support.
The president of the Institute of Professional Auctioneers and Valuers (IPAV), Liam O'Donnell, told a meeting of auctioneers in Portlaoise during the week that he supports the need for such a body, which was recently proposed by Frank Daly, chairman of the National Assets Management Agency (NAMA).
Mr Daly had identified the need for a national entity to take a central, co-ordinating, policy development role in relation to the residential property market, particularly in terms of identifying the areas where future housing shortages are likely to arise and how they might be addressed.
"One of the legacies of the boom is the regional mismatch between housing supply and demand: some parts of Ireland will be attempting to absorb excess supply for a long time to come whereas others are already showing signs of supply shortages, particularly parts of Dublin and some other cities," said Mr Daly.
NAMA has also agreed to sponsor a major research programme by the Economic and Social Research Institute (ESRI) to produce, for the first time, comprehensive information on the residential property market in Ireland – such as the key factors influencing the availability and cost of housing over the medium and long term.
Welcoming both initiatives, Mr O'Donnell says that over the past 30 years, successive governments have interfered intermittently in the property market, with varying degrees of success and failure.
"One thing I think is clear is that in a modern, sophisticated society you cannot have a totally free market and some degree of monitoring and intervention is required," he said.