Slowdown in house price rises predicted

The demand for houses in Dublin this year could exceed supply, according to the president of the Institute of Professional Auctioneers and Valuers. Mr Tom Crosse said that one of the key factors would be the expected drop in interest rates as Ireland prepared for European Monetary Union.

While house prices in general would continue to rise, particularly in Dublin, the increase would be more modest than in 1997.

Mr Crosse said that the IPAV was preparing a submission to Peter Bacon & Associates, the consultants commissioned by the Minister of State, Mr Robert Molloy, to study the factors affecting house prices.

"The recommendations of this report and the nature of the Government's response to it will be a major factor in the future direction of housing and house prices. This is a once-off opportunity for all interested parties to make their views known and it is incumbent on the Government to make a swift and appropriate response", Mr Crosse said at the presentation of Certificates in Auctioneering and Estate Agency Practice in Cork.

The IPAV's executive secretary, Mr Liam O'Donnell, said that Brussels was funding a feasibility study into establishing a common EU training course for auctioneers. "The IPAV believes that a thorough education and training in all aspects of the auctioneering profession is essential to ensure that the highest standards are maintained by its members."

The IPAV had almost 400 students attending courses in Dublin, Cork and Derry, he added.