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At last you know what your home is really worth

THE moment of truth for homeowners has arrived with the unveiling of a new register of every house and apartment sale over the past two years.

Amid a welter of reports on the state of the property market, many conflicting, the householder has the chance for the first time to see exactly what his or her house -- or the neighbour's -- is worth.

A new website www.propertypriceregister.ie website contains the price paid for all residential properties.

For the first time, details on the date of sale and the address, including the house number, of each residential property sold since January, 2010, have been published online.

Economists said the new details will be a key step in reviving the housing market.

The site features the details of some 50,000-plus properties.

Deals worth some €11.9bn have been done since the start of January 2010, according to the register.

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 had been done.

The most expensive private houses included €14m paid for 18 Anglesea Road, Ballsbridge, D4 in August, 2010, while 22/24 Ailesbury Road, also in D4 -- property developer Bernard McNamara's old house -- sold for €10m in October, 2011.

Site publisher, the Property Services Regulatory Authority, said, for the most part, the data will be published within a month of the date of the sale of the property.



Fear

Oxford University based 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.

However, the site has a number of limitations: it does not give the size of the properties, and there is no index of whether prices have changed.

The International Monetary Fund, one of the Troika, had demanded the new register be put in place to make the market more transparent.


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