The NPRA is still awaiting its legislative basis and this has meant a continuing delay in establishing the National Property Price Register, as pledged by our last government.
In the meantime, NAMA is calling for a similar national register giving details of the assessed value of homes and properties. Will NAMA beat the NPRA to the punchline of Ireland’s laughable system of valuing property?
We heard last week that NAMA was ready to take on the residential market in an attempt to promote activity and lift the flagging property market nationwide. It is unclear as yet how NAMA proposes to do this, will it be by making funds available to lenders so that lenders may pay it forward to home buyers?
In any event, their first step is to make available a residential property price index with the assistance of the Central Statistics Office, which will be the first independent assessment of property prices in the Republic of Ireland.
NAMA has been joined by the newly amalgamated Society of Chartered Surveyors Ireland in calling for this register of achieved sales prices. Hopefully they will see a better result this time around.
The new CSO index, which will be published monthly from May 2011, is proposed to calculate the trend of property values based on details provided by mortgage lenders nationwide, consequently this will exclude cash purchases which are at an all time high. Buyers should not get their hopes up prematurely, the CSO will not publish figures, but rather ‘trends’, which will be largely ineffective at determining the difference between a three bed semi in Terenure and a similiar one in Rathfarnham!
Buyers Broker Ltd are delighted that things have moved a step further but the reporting mechanisms are still dismal for professionals and wholly insufficient for would-be buyers in 2011.
We will keep buyers up to date on developments in this area but the national property price register still seems like many months and possibly up to a year away…