Seanad debates

Tuesday, 13 February 2018

2:30 pm

Photo of Martin ConwayMartin Conway (Fine Gael) | Oireachtas source

I listened with great interest to Senator Humphreys discussing the challenges in the housing sector, particularly for those who are renting. The natural progression for a lot of people is to go on to purchase their home, yet this is becoming increasingly difficult. The situation that existed during the run-in to and peak of the Celtic tiger is beginning to manifest itself again, namely, gazumping. I have heard from a number of people recently who had gone "sale agreed" with a booking deposit paid to an auctioneer and were told somebody else had come in with a higher bid. I do not think it is good enough. In other countries, once one has paid a booking deposit, if somebody decides to withdraw from the sale and then put the property back on the market, there has to be a six or 12-month period before that can happen. We need to do something on gazumping. It was a serious issue between 2006 and 2008 and is becoming an issue again.

Deputy Noel Rock had a transparency Bill in this regard at one stage. I know the Government is planning to do something. It would, however, be in order to bring the Minister for Housing, Planning and Local Government or the Minister for Finance to the House for statements on the issues of gazumping and people trying to purchase their homes. We should hear what the overall plan is to deal with this scourge. It is terrible for a young couple or anybody who has a booking deposit down on a house to get a phone call a week later to say the sale is not agreed because somebody is after coming in with a higher bid, and to be asked if they can either match or improve on that offer. That type of skullduggery went on too often and too long for too many people in this country. It really has to stop.

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