Here at Buyers Broker, we are committed to improving market conditions for buyers. Unfortunately, there is so much that is outside of our immediate control for example, access to funding, a crystal ball…However, there is something powerful that we can and will do on behalf of buyers nationwide, and that is for us to join with other organisations and associations to lobby government for the establishment of a National Property Price Register. This has been bandied about for many years and the very fact that this proposed register was included in the recent Programme for Government bodes well. It is worth noting that no provision for such register was made under the Property Services (Regulation) Bill. Both estate agency representative bodies have repeatedly called out for same, buyers brokers nationwide together with our own representative association will join the pressure group, what’s needed are the voices of buyers and sellers out there.
SO, WHAT EXACTLY IS A NATIONAL REGISTER AND WHAT WILL THIS MEAN TO BUYERS?
In theory, this will be an index of verifiable sale prices (rather than regional averages currently released by mortgage lenders), listing the contract price of specific addresses. It remains to be seen how such a register will be created and maintained to ensure accurate and live (up-to-date) information. At present, property professionals are precluded from releasing this information under data protection regulations so legislative changes will be necessary before this register will be created.
In practice, this will be a tool for buyers (and sellers) and like all tools it will need effective implementation. On foot of a fully functioning national property price register, buyers will know the actual sale price(s) of neighbouring properties in their location of choice. And…
In reality, knowing the sale price of a neighbouring property is not the complete picture and may actually blind buyers to potential opportunities for real value. Working with buyers daily, we have always preached that the value and subsequent opportunity is to be found by knowing the circumstances of the sale and the seller. For instance, if you knew that the 3 bed-semi next door sold for €220,000 – how much would you offer? Would you make it your business to find why the owner was selling? Would you know how much a quick sale was worth in the event of separation, re-location or financial distress? There is no substitute for doing your property homework; every hour of research should save you thousands! If you need help, email your local buyers’ broker www.buyersbroker.ie