The publication of the State’s long-awaited residential property price register today will restore “some confidence in the property market,” it has been claimed.
The Minister for Justice Alan Shatter said the Register, compiled by the Property Services Regulatory Authority (PRSA) using Stamp Duty figures from the Revenue Commissioners, was an essential step in bring first-time buyers back into the market and improving transparency.
The Register - accessible at www.propertypriceregister.ie - puts reliable details on exactly how much houses are selling for into the public domain for the first time and includes precise information on residential properties sold in the Republic since January 1st 2010.
Prices for both cash and mortgage sales are included. The information will be updated on a regular basis and the PRSA said it aimed to published price details within a month of the date of sale of the property.
The register includes the date of sale and the address of each residential property sold and can be searched using criteria including sales by county, city or town, individual property addresses and by year.
However the PRSA stressed that it is not intended as a “Property Price Index” as the details are limited to price, address and date of sale .They do not include such details as property size or number of rooms.
The Minister for Justice Alan Shatter expressed the hope that the register would improve the quality of information available on the Irish housing market and restore confidence to the sector.
“In recent years, because of the steep downturn in the property market, it has been difficult to get accurate information on property prices,” he said. “This uncertainty has led to a lack of investor confidence and has contributed to stagnation. . . particularly among first time buyers.
He claimed the Register would help “to remove some of this uncertainty, restore some confidence in the property market and provide transparency in residential property sale prices.”
The PRSA chairwoman Geraldine Clarke said the register would be “of substantial assistance in helping people make decisions in relation to one of the most important purchases of their lives.”
