Database will reveal real house sale price
THE true price of properties sold in Ireland will be unveiled within the coming months.
House buyers will be able to search individual addresses and find out exactly what the property was sold at.
The database, due to go online by June, will provide details of the date of the sales and the final selling price on all properties sold since January 2010.
The new house price database is being hailed as the latest attempt by the Government to revive the collapsed property market.
Up until now, the closest register available was the one produced by the Central Statistics Office (CSO) which is based on mortgages taken out - they do not include cash sales.
The general public had to rely on the word of estate agents, property websites or estimates from experts.
The organisation tasked with creating the search engine, the Property Services Regulatory Authority (PSRA), is arranging to obtain the information on the final selling price of houses from Revenue.
The Revenue obtains the value of every house sale from solicitors within 30 days of the transaction in order to calculate whether stamp duty is owed.
Chief executive of PSRA Tom Lynch described the current situation in the property market was "a little bit of a lottery".
But he said that the database would give people accurate information about every property in the country for the first time. However, it has raised concerns that the index could be used for people to view the price of their neighbour's property that has just been sold.
And there is no way around this - it is not possible for individuals to 'opt out' of the House Price Register because the legislation passed last November requires all sales prices to be published "by law".
Eventually the price of houses which were sold prior to January 2010 will also be available on this index.
Mr Lynch "I would hope in time to go further and link it to whether they are semi-detached properties, detached properties, rural or urban," he added.
Users will be able to see the location and the appearance of many of the houses quickly by putting addresses into programmes such as Google maps.