Alan Shatter (Dublin South, Fine Gael)

I take the opportunity to thank the Acting Chairman and the Deputies who have contributed to our discussion this evening and during the earlier discussions at the select committee. Many of the amendments made on Committee and Report Stages are designed to introduce much needed transparency to the residential and commercial property markets in line with a commitment given in the programme for Government which I am pleased to be in a position to discharge in this legislation. Publication of residential property sales prices and the establishment and maintenance of the commercial leases database by the Property Services Regulatory Authority will help to restore much needed confidence to the property market. Together with the new statutory requirement on auctioneers to publish a realistic "advised market value" of property for sale rather than using the discredited "guide price" mechanism, the legislation will serve to enhance consumer protection and improve consumer confidence.

The new statutory requirements on auctioneers who provide advice for intending purchasers on the possible availability of loans from a particular lender, an issue we discussed, will help to avoid the types of conflicts of interest which can be to the detriment of such purchasers, as occurred during the boom years in circumstances where individuals were afforded what appeared to be easy loans in circumstances in which there was no transparency or disclosure and no revelation of a linkage between the financial institution making funding available to individual house purchasers and the developer which the same institution had funded.

Having completed its passage through the House, the Bill will now return to the Seanad for consideration of the amendments made here on Committee and Report Stages. My intention is that it will be enacted before the end of the year.

Since publication of residential property prices and the establishment of the commercial leases database are key priorities, I expect the new authority and the Revenue Commissioners will move to put a user-friendly system in place as soon as possible. I know that preparatory work has been under way for some time and I thank the Revenue Commissioners for their participation in the new arrangements.

With regard to the new licensing arrangements, a number of regulations specifying the required eligibility standards in relation to education and training and professional indemnity insurance will have to be made by the authority. In the meantime, the existing licences of auctioneers and letting agents remain valid until 30 June next. However, property management agents are not subject to any licensing arrangement. I expect, therefore, that the authority will give immediate priority to the introduction of much needed standards in this segment of the property services sector. New licensing requirements for such agents will complement the provisions of the Multi-Unit Development Act 2011 which entered into force early this year and enhance protection levels for apartment owners.

Question put and agreed to.

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