If you are buying a property, people may have told you to check the Property Price Register to see what other houses in the area are selling for. Good advice! But what exactly is the property price register? Who updates it? How does it work? How trustworthy is it? These are all great questions, and so in this post, we'll cover them and more...
What is the Property Price Register?
The Property Price Register is a list of every residential property sold in Ireland since 2010 and what it sold for. You can search through it by address, county and date to find out what particular properties sold for.
Who runs the Property Price Register?
The Property Price Register is managed by the Property Services Regulatory Authority (PSRA).
What do people use the Property Price Register for?
There are many uses for the property price register including:
Buyer Research - seeing what properties in an area are selling for. Or the last time a particular property was sold.
General Market Research - Companies and Media Organisations will do market research to see how house prices are going.
Valuation Research - If an estate agent or valuer is trying to value a property, the Property Price Register is a common tool they use!
Snooping! What did Mary down the road sell for?
Is the Property Price Register accurate?
In most cases, yes. The Property Price Register is an accurate record of the sale price. However, there are a few situations to be aware of. The price shown on the register does not include:
Vat paid for a new build.
Price of "contents" which can be included as part of a deal.
Does the property price register include vat?
No. The price shown on the Property Price Register does not include vat. So if someone bought a new build for €400,000. The Property Price Register would show €352,423 (€400,000 minus 13.5% vat).
Who records a sale on the Property Price Register?
Your solicitor via Revenue record the sale. When you purchase a house, as part of the conveyancing process the solicitor will record the sale with Revenue and pay the stamp duty on your behalf. This information is then passed to the PSRA who update the Property Price Register.
How often is the Property Price Register updated?
The Property Price Register is updated every Wednesday by the PSRA with records received from Revenue on the Tuesday.
How far back does the Property Price Register go?
The property price register goes back to January 1st 2010. All residential sales since that date are required legally to be recorded on the register.
Does the Property Price Register record the property size or number of bedrooms?
No. This Property Price Register does not include any specific information about the property apart from the sale price and address.
Is the Property Price Register better for pricing research than Daft or MyHome?
This depends on what you are using the information for as both sources have different number. The Property Property Register will record the actual sale price of a property. Both Daft and MyHome work off asking price which can be significantly different than sale price.
Can I have my property removed from the Property Price Register?
No. The Property Price Register was introduced after the Irish housing crash in order to add transparency to the housing market. It is a legal requirement to have a residential property sale recorded on the register and as of this date, there is no mechanism to have it removed.