Sold this summer - but we're still in dark over prices

Lots of houses sold but without a house price register, we don’t know for how much

AFTER the gloom of the first half of 2010, agents around the country were reporting a surprisingly brisk summer, sales-wise, but as they are gagged by data protection legislation, the prices achieved for properties remain shrouded in secrecy.

All of the agents contacted reported a relatively healthy list of transactions over the summer. Quite a number of the houses that sold have been on the market for some time, like Villefranche in Brittas Bay, Co Wicklow.

This large villa-style house stands on one acre with a swimming pool and tennis court and direct access to the beach.

It had has been on the market through Knight Frank since April with an initial asking price of €2.2 million, later reduced to €1.95 million.

Another property that sold over the summer was Annefield House in Oysterhaven, Co Cork, an idyllic Victorian farmhouse on six acres with a bluebell wood that’s been on the market through Michael H Daniels since February last year with an asking price of €1.65 million, later reduced to €950,000.

The most detailed information agents could give us regarding prices achieved for any of the properties was that they were either within or under 10 per cent of the asking price.

It remains an offence for an estate agent to reveal the sale price of a property without the consent of both the buyer and the seller.

Peter Quigley of Gallagher Quigley auctioneers says the current situation has created a smokescreen where people don’t know whether it’s the right time to buy or sell.

“At least a house price register would give clarity and help the market move forward.”

David Bewley of Lisneys said that his agency had a “productive summer” in which buyers’ and sellers’ expectations were on a par”.

Prices have now come down from the peak by at least 50 per cent “and even more”.

A property price register would be totally beneficial, he added.

If legislation promised by Minister for Justice and Law Reform Dermot Ahern earlier this month is passed in the coming Dáil session as promised, a register could be a reality by early next year.

The Minister is proposing to amend the Property Services (Regulation) Bill 2009, which will finally establish the Property Services Regulatory Authority (PSRA) on a statutory basis. Amendments to this bill will allow for a database to be established by the PRSA.

Its chief Tom Lynch says that this will provide details of all property sales by address, sale price and date of sale.