Eamon Scanlon (Fianna Fail)

As a person with an interest in the auctioneering business, I would like to respond to some of the questions raised. It saddened me to hear Senator Brian Hayes say that after 25 out of 50 houses were sold the price increased overnight by €28,000. That is shocking. The reason this happens is that demand outstrips supply. I know that when people mention zoning land for housing, others look at them as if they have two heads. However, I suggest that we need to have more land zoned for housing, particularly in Dublin. The reason for what is happening is that there are too few houses available for the number of people looking for them.

I agree with Senator Ross about the advised minimum values. It is very difficult for an auctioneer to know the value of any house as the market will decide on the day. Sometimes it could be €100,000 or €1 million more than what is expected.