IPAV working with Oireachtas committee on property market reform

It has been a busy time for the Institute of Professional Auctioneers and Valuers (IPAV) and its new president, property consultant Paul McCourtney.

As outlined at the institute’s recent AGM, it is working with the new informal cross-party Oireachtas Committee on Property Market Reform set up following approval by Ceann Comhairle Seán Ó Fearghail.

The committee, chaired by Sen John McGahon, includes TDs, Senators and representatives of IPAV, and will meet quarterly and invite State bodies, companies or groups to discuss policy in relation to issues including market behaviour, vacancy rates, technology and the effect of the pandemic on the property market.

The institute says the committee will focus on finding “pragmatic, well-informed solutions that help deliver a property market that is equitable, sustainable and modern”.

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McCourtney, the editor of IPAV’s biannual residential property price barometer, said the initiative would enable Oireachtas members gain access to expert professional opinion on and insights into the housing crisis.

“This open cross-party dialogue will no doubt highlight the breadth of policy areas impacting the market, and bring a wider range of expertise to a wider political audience,” he said.

The other members of the committee are TDs Paul Kehoe, Barry Cowen, Jennifer Carroll MacNeil and Eoin Ó Broin, and Senators Robbie Gallagher, Roisin Garvey and Aidan Davitt.

In an effort to reduce the duration of the conveyancing process – currently about four months – the institute is also championing the introduction of legislation with the working title “ Sellers’ Legal Pack for Property Buyers Bill 2021”.

This would provide potential buyers with information relating to a property that is placed on the market, including: the Law Society conditions/contracts of sale and information in relation to the title; a copy of all planning permission and building regulation documents and an architect’s certificate of compliance; a letter confirming roads and services or evidence of right of way and wayleaves; and a BER certificate.