Sir, - In your Property supplement (June 12th), you note a house which was withdrawn from auction and is now quoted at £500,000 plus. The auctioneer's guideline on this property was £400,000 plus, although it is now evident that the vendor seeks considerably in excess of this sum.
Last weekend, I inspected a property in one of the leading south Dublin suburbs, when the auctioneer quoted a guideline of over £300,000. I subsequently became aware that an offer of £380,000 had already been refused.
Recent commentary by representatives of the estate agents have argued that in a buoyant market it is difficult to assess the price which a property may achieve at auction, and this argument has a degree of acceptability. They also will argue that vendors should have the option up to the time of auction to vary the price which they seek to achieve.
Apart from the frustration and disappointment, there can be significant costs involved in an unsuccessful attempt to purchase at auction. it is patently unacceptable that guidelines can continue to be given at a price which is significantly below an offer which has already been declined. if the profession is not prepared to regulate its members, the new government should give serious consideration to introducing legislation to curtail such abuses, and to allow recourse against auctioneers who continue with these practices. - Yours, etc.,
Zion Road,
Dublin 6.