Dr. Rachel Slaymaker:

I will come in on reference rents. We understand the appeal of a system like that. Our concerns are more around the practical or feasibility issues in Ireland at present, such as how to calculate what an appropriate reference rent is across different local markets.

In terms of the data requirements, that type of system would be very data intensive. A great deal of information would be needed on the whole range of characteristics that come into a price. For instance, we lack good data on issues such as the energy rating, property age and things to do with the amenities, fixtures and fittings and whether we have the detail. We have very good price data but I do not know whether we have the detail on the specifics to be able to calculate those in an accurate manner.

Typically these have been implemented in larger urban markets where perhaps it is easier to find comparable dwellings. However, Ireland has very small local markets. It would be much more challenging in those areas. The factors that affect rents in those areas can be quite different. It is to do with the feasibility of finding these reference rents.