You might be forgiven for thinking that we would have a House Price Database (HPD) by Christmas 2010. After all, it was committed to in the Programme for Government in October 2009 and Opposition politicians have harried the Housing Minister Michael Finneran on a monthly basis since then seeking updates. The cant response from Minister Finneran has been the same, that the matter was being examined and in particular any data protection issues were to be explored. An informal grouping which included the IAVI and some government departments/quangos was informally announced in March 2010 but given that it didn’t seem to have any terms of reference or financial or legal support, it seems to have been little more than a distraction. And then in August 2010, the Minister for Justice and Law Reform, Dermot Ahern made an announcement which at last seemed to betoken light at the end of the tunnel – “Minister Ahern said he would table amendments to this effect [establish a HPD] to the Property Services (Regulation) Bill 2009 – which will establish the Authority on a statutory basis – during the next Dail session, and would also bring forward any necessary amendments to the Data Protection Acts to facilitate the publication of sale price data by the Authority.”. Wonderful! Many thought this would mean we had a HPD by Christmas 2010.
So where do we stand now that the Dail has recommenced business after its lengthy summer recess? The Property Services (Regulation) Bill 2009 was originated in the Seanad by Senator Donie Cassidy in May 2009. The primary purpose of the Bill is “to create a Property Services Regulatory Authority, to control and supervise the providers of property services, to cause any complaints against those providers to be investigated and to adjudicate on any such complaints” There are other minor provisions. The Bill has now been through its Stages in the Seanad (completed the Report and Final Stage in June 2010 – a year after it was first introduced) and is now with the Dail. According to the Department of Justice this week, the Minister will table his amendments at the Committee or Report Stage in the Dail. You will be able to see the amendments on the Oireachtas amendments page when they are published. Given his commitment to introducing the amendments in the Autumn 2010 session (“the next session”) we should see in the next 60 days (maximum) the proposed amendments. And indeed if we do get to the Report Stage before Christmas then we might have legislation in effect shortly afterwards. Though given the slow progress of the Bill so far, the possible involvement of the Seanad again and given the significance of transparent property pricing, it could well take another 12 months or longer.
So at this point we still don’t know exactly when we’ll have the HPD or indeed how it will operate and what it will contain. This blog will keep a particular eye on the progress with enacting the HPD – it has been advocated for decades (at least since the 1970s) by all political parties in public though plainly none of them have delivered the HPD when in power. At this juncture in our property crash, the absence of the HPD is preventing price discovery and preventing prices reaching their natural equilibrium. Consumers, estate agents, Opposition politicians, the Greens are all clamoring for this transparency in property values. It’s now in Dermot Ahern’s hands to deliver.
There is a special House Price Database TAB on here devoted to the background and progress of the HPD.
NAMA Wine Lake 