Fake bids, fake news? If only.
Fianna Fáil party spokesperson on housing, Barry Cowen, says that house prices are being driven up by fake bids and that these bids are making the situation of buying a home a lot worse.
On the party’s website, Cowen stated that they had evidence that the current bidding process is not transparent and they have published a proposal for a new bill which is designed to ensure that the practice of non-existent bids being used to drive up house prices “is ended by opening up information on the bid during the process, and not afterwards as is effectively the case at present.”
The (PRSA) Property Services Regulatory Authority (Amendment) (Bidding Transparency) Bill 2017 means that a 10-day timeline is put in place for the authority to confirm the existence of other bids on a property with the estate agent and failure to do so would result in a fine of €5,000
“While there is a complaints procedure it is rarely used and it is not fit for purpose as it is quite a lengthy and time-consuming process,” Cowen said.
“And such is the nature of the problem, by the time a decision has been made, the house has in most cases, been sold to another buyer.”
Cowen believes that the proposed bill will make for swift and cheap buying among house hunters and will put an end to “suspicious [and] potentially fake” third-party bids.
“Estate agents will have to provide the PSRA the details confirming the suspect bid and the PSRA will then confirm it to the complainant. Failure to provide the information will result in a hefty fine and further investigation.
“The national average list price is now almost €241,000, 8.9% higher than just 12 months ago. The housing crisis is making the dream of home ownership even more unobtainable for many young families who are starting out in life.
“While not a silver bullet to all the challenges in the housing market, it will shed light on the process, provide transparency and ensure that all parties are operating fairly.
“It will help put an end to exploitative practices and create an even playing pitch for all would be home buyers,” Cowen concluded.
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