Dumb it down

So, what's the story with this new house price register? Is it actually needed or is it just another busybody's charter?

What's the low down on this house price thingy?

Well, this is the latest 'attempt' by the Government to sort out the housing market, which just hasn't been the same since the bubble burst. This effort to get the market going again is needed because the house prices still have to find their level.

People are still unsure whether prices are at their lowest yet and don't want to be stung, so they're holding off. The line that's continuously sung by most economists is that house prices need to bottom out before things can improve.

That's where this database will step in. The prices for all houses sold in the last two years will be compiled into this database so people have a better guide to prices in their area.

When's all this happening?

The database is due to go online by the end of June. The Property Services Regulatory Authority (PSRA) will be in charge of it all. Any property sold since January 2010 will be included with a full address, like it or lump it.

There's no way of opting out of the House Price Register, it's the law! Yeah, we were surprised too. This isn't just a spur of the moment idea from the Government. They signed in specific legislation last November.

The PSRA will get the information on all final selling prices from the Revenue, who get it from the estate agents within 30 days of the sale.

Won't people just use this to be nosey?

Yes, is the short answer. While it looks like it's going to be a useful tool and the first step in recovery of the market, it will no doubt be used by neighbours with nothing better to do.

PSRA chief executive Tom Lynch admitted it would be open to use by nosey parkers. He told the Irish Independent: "I can understand people's concerns about it.

"People would see the price that you pay for a property as a very personal issue. You are going to get a lot of people who will find it difficult. It will take time for it to become an accepted reality for people."

Will it cost us?

It will cost the taxpayer to actually set it up. But, it won't cost for individuals to use it. Which can only further encourage it's misuse by the public.

Is it going to work?

That's anybody's guess. It is being broadly welcomed by most interested parties, but that doesn't guarantee its success. What is interesting is that it could work for journalists. Hacks could begin to use it to snoop into people's spending on their houses. Keep an eye out for related newspaper headlines in July.