The IAVI (Irish Auctioneers & Valuers Institute), has reached agreement with the National Consumer Agency (NCA)that from now on IAVI members will be required by the Institute to refrain from publishing any sale figures other than the exact sale price achieved for any property. In future, terms such as ‘region of’, ‘close to’ or ‘above’ cannot be used and the IAVI recognises that the publication of results, when it occurs, needs to be timely.
The IAVI believes that the new system can be in place for sale IAVI members’ results published in the week commencing May 5th, as newspapers have already been furnished with the details that will be published up to and including Sunday May 4th.
The NCA got involved after Orna Mulcahy, Property Editor of the Irish Times had disclosed that she had written to the IAVI about price claims that were substantially above the actual agreed sales prices.
IAVI President Mr Edward Carey explained that the publication of actual sales price would require the consent of the seller and buyer under the Data Protection Act.
“Unless the legislation changes it is likely that very few sale prices, other than the small portion of properties sold publicly at auction, will be made known to the public. The IAVI has advised the National Consumer Agency that the solution being adopted will result in a market that lacks transparency.
“The IAVI calls on the Government to urgently address this problem by either instructing the Valuation Office to collate and publish a register of all property sales or amending the Data Protection Act to permit auctioneers, estate agents and valuers to release exact sale prices and rents without the consent of sellers, buyers, landlords or tenants. In the view of the IAVI, any such changes should also be retrospective so that historic data may be published to provide an accurate picture of past prices and rents,” he said.
While recognising people’s rights to confidentiality, IAVI believes that the economy requires a sound property market, which, in turn, requires the ready availability of accurate data on sales and lettings.
“A properly informed property market and consumer are of greater importance to the national economy and the needs of consumers as a whole must outweigh the concerns of individuals involved in property transactions.
“A solution has to be found to the shortage of information that will result from this change if consumers’ real interests are to be served,” said Carey.
The IAVI will host a meeting to discuss this issue within the next few weeks and will invite Relevant Government departments, the National Property Services Regulatory Authority, the National Consumer Agency, the Consumers’ Association of Ireland, the Data Protection Commissioner and other relevant professional bodies to attend.
Carey commented that the economy relies too much on the property market to enable inappropriate existing legislation stand in the way of a properly informed market.
The IAVI has and will invite complaints from affected parties and will address any such complaints received under its Rules of Conduct where the gap between published prices and sale prices appear unreasonable.
