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House Prices

Dáil Éireann Debate, Thursday - 17 May 2018

Thursday, 17 May 2018

Ceisteanna (59)

Thomas P. Broughan

Ceist:

59. Deputy Thomas P. Broughan asked the Minister for Finance if his officials are examining the practice of developers advertising residential units as price on application; the effect it has on house prices; and if he will make a statement on the matter. [21801/18]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

The Department of Finance continues to monitor developments in the residential property market, including trends in property prices. Ongoing monitoring allows my Department to assess the property sector’s contribution to the economy, as well as to scrutinise potential risks emerging from the wider construction industry. The Department monitors price levels through stamp duty returns made on completed sales, as reported each month by the Central Statistics Office. As such, my Department does not make price enquiries to individual developers.

In order to improve transparency in the residential market, the Property Services Regulatory Authority publishes the Property Price Register. As a freely available public register of residential property sales, the PPR provides information on sales prices for properties at a local level. It offers more clarity for homes buyers on the prices paid for similar properties in their area and allows them to make more informed decisions.

The PSRA also regulates all Property Services Providers, including those selling residential properties. The PSRA has significant powers of sanction – up to an including the revocation of a licence – if any industry providers are found to be acting improperly in the course of their business.

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