Sir, – Andrew Doggett (February 5th) brings up an important point regarding the lack of transparency in the purchase of houses. This is the biggest transaction is most people's lives, yet we all have to take on face value the latest bids. It is a system that is open to huge abuse by both rogue bidders and unscrupulous estate agents.
I am certain most estate agents operate with the highest degree of integrity but they themselves are open to be duped in a competitive bidding situation under the current circumstances. This can drive up property prices, particularly in sought-after addresses.
A simple process whereby bidders would have to submit their bids in writing (via email or text), with these recorded by the estate agent for possible future audit, would be the sensible approach. The bidders would still remain anonymous to other competing bidders but it would undermine underhand attempts to drive up prices. – Yours, etc,
BARRY WALSH,
Blackrock, Cork.