Commenting on the most recent CSO Residential Property Price Index for September, IPAV, the Institute of Professional Auctioneers and Valuers, says the slowing rate of increase in prices mirrors IPAV’s own findings in its six monthly barometer of prices achieved by auctioneers and is likely to continue for the remainder of the year.
“There are still sizeable increases happening. Particularly in the Midlands at nearly 14pc and the West at almost 17pc. However, we would expect the overall level of increase for the year as a whole to come in at around 8pc.
“With interest rate increases and more properties coming on the market this is as would be expected, but of course there is a very serious issue with people on average wages being unable to borrow to acquire a home as previous generations were enabled to do,” Pat Davitt, IPAV Chief Executive, said.
Research by the Economic and Social Research Institute (ESRI ) has found that the share of 25-34 year olds who own their own home more than halved between 2004 and 2019, falling from 60pc to just 27pc.
IPAV has called for mortgage terms to be extended for periods of up to 40 and 50 years to address the current situation where home ownership has effectively, become the almost exclusive preserve of those on higher incomes.
IPAV celebrates 10 years of pushing for high standards in property valuations
The event marked the 10th anniversary of the introduction of the ‘Blue Book’ European property valuation standards to Ireland.
This is the standard recognised by the Irish Central Bank and the European Central Bank for which it holds default status over all other valuation standards in the event of any valuation conflict arising.
IPAV members and aspiring valuers are trained to this standard which demonstrates integrity and objectivity in valuing properties.
“Having a trusted brand, a trusted standard is so important when it comes to the completion of transactions and when it comes to the smooth functioning of our economy. Without a property industry that facilitates commercial transactions on an ongoing basis, certified, underpinned by a recognised European brand, it would simply not be possible to complete the number of transactions we do in Ireland,” Minister for Public Expenditure & Reform, Deputy Michael McGrath, who officially opened the conference, said.
“By achieving this European standard valuers can demonstrate professional competency and independence from the credit underwriting process. This underpins impartiality and objectivity in the process and gives confidence to all concerned,” IPAV’s Chief Executive Pat Davitt, added.
One of IPAV’s primary objectives is to uphold, advance and promote professional standards and competence among its members. The institute operates a comprehensive system of professional education and development for existing members and for those wishing to enter the profession.
IPAV works with other stakeholders and with policymakers to try and influence the development of a sustainable property market where people can buy, sell or rent properties according to their needs.