Bill needs to hoover-up sales results vacuum

THE ROW OVER estate agents reporting of sales results has died down, but while it raged last week there was barely a peep out of one body, the National Property Services Regulatory Authority (NPSRA). The organisation has begun functioning in its new Navan offices, but just when they were expected to intervene in the controversy, they had little to say.

According to one source, the august new body was diverting calls to the National Consumer Authority. So, where is the long-promised, long-awaited and badly-needed legal reform of this market?

Reform has long been called for by auctioneering bodies as well as legal and consumer bodies. In July 2005, a report was published by a Government-appointed group, chaired by former Córas Tráchtála chief executive, Alan McCarthy, which led to the establishment of the NPSRA. Its function is to take charge of licensing and regulating auctioneers. But until the legislation is enacted, it is costing taxpayers' money but has no powers.

The latest available information is that the Bill is awaiting publication and is due "before the end of the current Dáil session", according to the Department of Justice, Equality and Law Reform. It is still in the Parliamentary Draftsman's Office.

After house or apartment sales are completed, the solicitors for the buyers lodge the purchase deeds with the Revenue Commissioners and then on for registration in the Property Registration Authority's Land Registry or the Registry of Deeds.

But no sale-price information is available to the public or the media from these State bodies.

The long-awaited Bill, when it is published and then when it winds its way through the Dáil and Seanad, should include a provision to entitle and require the Property Registration Authority to publish the sale prices in a publicly-available register on its website.

Such information, and more, is available in other countries. It is a basic and simple reform.

But it could be 2010 before this Bill becomes law. In the meantime, we live with a legal vacuum which hurts both vendors and purchasers of properties.