Is property register pulling down prices?


IT’S MORE THAN a week since the Residential Property Price Register entered our lives and what else have we learned? That they’re slow to update it, for one thing: properties are listed only up to September 28th.

That said, 111 new homes have come on stream since it launched; that covers the period between September 24th and 29th.

The most expensive sale recorded was 9 Seamount Abbey in Malahide, Dublin, a new four-bed that sold for €765,066.

A quick track back through the register shows that similar houses in this estate of new homes sold for €700,000 in April and for €685,000 in September of last year.

According to the selling agent, Alicia Daly, of Peter Daly New Homes: “It’s great the houses are selling, but the register has been frustrating, because buyers are making lower offers. They don’t realise the prices quoted for new homes are exclusive of 13.5 per cent VAT.”

What is also apparent is a significant gap in prices between homes outside Dublin and those in and around the city and county, with most barely exceeding €150,000.