Dáil Éireann Debate, Tuesday - 15 December 2009
308 Deputy Olivia Mitchell asked the Minister for the Environment, Heritage and Local Government the action taken since the agreement of the revised programme for Government to amend the Data Protection Act to allow for a database of house sales prices; the Departments and agencies involved; when heads of a Bill will be agreed; when legislation is expected to be published; and if he will make a statement on the matter. [46671/09]
View answer309 Deputy Olivia Mitchell asked the Minister for the Environment, Heritage and Local Government the impediments to publishing final sale price statistics of residential property; the contact he has had with representatives of the residential property industry to overcome impediments in addition to a proposed legislative solution; and if he will make a statement on the matter. [46672/09]
View answer325 Deputy Olivia Mitchell asked the Minister for the Environment, Heritage and Local Government the role he will have in publishing final sale price statistics of residential property; the contact he has had with representatives of the residential property industry to overcome impediments; his views on the issue of over valued property; and if he will make a statement on the matter. [46673/09]
View answerI propose to take Questions Nos. 308, 309 and 325 together.
The renewed Programme for Government sets out a clear commitment to create and maintain a comprehensive House Price Database based on sales prices. My Department, the Department of Justice, Equality and Law Reform, the Property Services Regulatory Authority, and the Central Statistics Office, as well as representatives from consumer and industry representative organisations, will be engaging in the coming months on the development of the new house price index.
Among the issues to be considered in that context is the degree to which the existing legislative framework supports the development of such an index. For example, the Data Protection Act currently precludes the publication of data relating to specific sales prices achieved for individual houses without the consent of the purchaser and vendor involved in each transaction. Amendment of the Data Protection legislation to allow publication of the sale price of property is a matter in the first instance for the Minister for Justice, Equality and Law Reform.
In terms of house prices, like housing markets throughout the world, the Irish housing market has moderated significantly over the course of the last 18 — 24 months. Since the peak, new house prices have fallen by 26% nationally and 40% in Dublin, while second hand house prices have dropped by 20% nationally and 33% in Dublin. This brings house prices back to levels seen in Q3 2004 (Q2 2002 for Dublin) for new houses and Q4 2004 (Q1 2004 for Dublin) for second hand houses. In addition, as a result of this price moderation combined with historically low interest rates, affordability for first time buyers has now returned to a level last seen in the mid 1990's.
