Property Price Register

Head_Hunter

How accurate is it? I recently checked a house that I was outbid at 175k. I see it listed on the PPR as sold at 161k.

Jen44

it is spot on. Perhaps you were outbid but then by the time the sale actually went ahead they had to lower the price due to the surveyors report or something.

Jakey Rolling

Head_Hunter wrote: »

How accurate is it? I recently checked a house that I was outbid at 175k. I see it listed on the PPR as sold at 161k.

Might any fixtures and fittings have been included in the sale price - these may then have been deducted when declaring value for stamp duty?

Its riddled with errors.

Apparently there is no checking mechanism and many properties seem to be deliberately entered with mis-spellings to their address or even entered in the wrong county. The front page is mainly a disclaimer as to its accuracy and an indication that those running the PPR do nothing in this respect to ensure accuracy.

I would have thought though that most of the errors are designed to hide the property and the price paid. Putting in the property with the correct address but with lower price might indicate either a genuine mistake or that the price was negotiated lower eg after a surveyors report or even that some money passed under the table, but that would only evade 1% tax on the difference so hardly worth risking. The price declared is that used for stamp duty purposes.

Since the details are entered into the register by the solicitors, one should expect the Law Society to take measures to improve accuracy. There are too many errors there to put it down to simple carelessness.

Just for interest, I wonder how many persons are employed to run the PPR. If its more than one its too many given the fact that its just a simple database and they take no responsibility for ensuring accuracy.

newacc2015

The property price registry in NYC is excellent. It tells you the sq foot of the property, how many bedrooms and who brought it. Since you are only entering data into a database, it doesnt require than much more. The PPR literally only has the slight benefit of telling whether an estate agent got what they said they got. Other than that its pretty useless

I live in an area where none of the houses are the original size. The standard house was 3 bed. However there is handful of houses that are twice the size of this. Yet on the PPR you get none of that info

m'lady

I was told by an estate agent that it's not accurate in some cases. If cash was paid 'under the table' - which is still happening, I've been asked twice to do so! Then that amount would not show on the register.

Heres an interesting read on the topic

http://www.independent.ie/life/home-garden/homes/property-price-register-brimming-with-errors-30405255.html

slinky2000

Doesn't it exclude VAT too?

L1011

slinky2000 wrote: »

Doesn't it exclude VAT too?

On new builds where VAT is applicable, yes. Usually obvious as the declared price has decimal points in most cases.

m'lady wrote: »

I was told by an estate agent that it's not accurate in some cases. If cash was paid 'under the table' - which is still happening, I've been asked twice to do so! Then that amount would not show on the register.

It is in agents benefit to massively overplay inaccuracies, as the register has stripped them of a huge tool - lying to purchasers about similar houses. If they even implied that a price was lower due to cash under the table I'd be telling them I was off to report them to the regulator and their vendor to Revenue immediately.

m'lady

L1011 wrote: »

On new builds where VAT is applicable, yes. Usually obvious as the declared price has decimal points in most cases.



It is in agents benefit to massively overplay inaccuracies, as the register has stripped them of a huge tool - lying to purchasers about similar houses. If they even implied that a price was lower due to cash under the table I'd be telling them I was off to report them to the regulator and their vendor to Revenue immediately.

True, maybe it was bull.. However she was referring to a property another aren't had on their books. I was asked twice if I'd pay cash under the table, once with a builder and another with a private seller.. I had no interest in doing that but discuss how it's done out of curiosity.

matrim

Deleted User wrote: »

Apparently there is no checking mechanism and many properties seem to be deliberately entered with mis-spellings to their address or even entered in the wrong county.

Easy way to fix that for new entries would be to make it mandatory to add the eircode

matrim

matrim wrote: »

Easy way to fix that for new entries would be to make it mandatory to add the eircode

That would help, especially in rural areas where all that is now recorded is the townland, with no reference to the actual house itself.

However, we would still be depending on the solicitor to get the eircode correct and that's even easier to get wrong, not that that would be the (ahem) intention, of course .....

April 73

Does anyone know the exact process of how a property gets entered? Does the solicitor send a handwritten piece of paper in or is it a typed form or entered online?
I am convinced some errors are deliberate to hide a house from a simple search.

L1011

April 73 wrote: »

Does anyone know the exact process of how a property gets entered? Does the solicitor send a handwritten piece of paper in or is it a typed form or entered online?
I am convinced some errors are deliberate to hide a house from a simple search.

Typed in (to ROS or its equivalent for paying stamp duty, I believe)

I'm of the same opinion, some suspiciously priced sales are definitely being obfuscated.

simdan

slinky2000 wrote:

Doesn't it exclude VAT too?

Yes, the price excludes vat on the register. Mine sold for €175 but shows €161 on the register

April 73

April 73 wrote: »

I am convinced some errors are deliberate to hide a house from a simple search.

It certainly looks that way, aided and abetted by the Register themselves who basically wash their hands of any call for accuracy.

Even if the Register doesn't want to do anything, the Law Society should call solicitors to book. Inputting false information is dishonest and brings them into disrepute.

The Revenue should also let it be known that finding a house registered with a misleading address would be a factor which could stimulate them to carry out a tax audit on the purchaser or on the vendor.

L1011

simdan wrote: »

Yes, the price excludes vat on the register. Mine sold for €175 but shows €161 on the register

161,000 ex VAT would be nearly 183k not 175.

simdan

L1011 wrote:

161,000 ex VAT would be nearly 183k not 175.

True.. Weird I always assumed.that was the reason. I wonder why it shows 161k then? Maybe the kitchen, flooring and finishing made up the price?

L1011

simdan wrote: »

True.. Weird I always assumed.that was the reason. I wonder why it shows 161k then? Maybe the kitchen, flooring and finishing made up the price?

I'm not sure that'd actually be allowed to go seperately. It was a brand new house?

April 73

Why are the prices of new houses registered without vat anyway? Surely this is misleading in itself? It's not the price that the owner paid.

L1011

April 73 wrote: »

Why are the prices of new houses registered without vat anyway? Surely this is misleading in itself? It's not the price that the owner paid.

Its the price stamp duty was paid on.

simdan

L1011 wrote:

I'm not sure that'd actually be allowed to go seperately. It was a brand new house?

Yep brand new. It's strange that it's similar numbers to the OP. Stamp duty was at 1%

allibastor

Not accurate at all.

Saw a house in Limerick that I bid on. price was 175K.
We offered 175 and it was accepted, but then pulled before deposit was paid.

We had been asked a few times by seller, not agent, to pay 20-30 in cash direct to them, but said no cause it was a bank sale.

PPR said house went for 158K. Obviously someone did give over the 20-30K to the seller direct.

L1011

allibastor wrote: »

Not accurate at all.

Saw a house in Limerick that I bid on. price was 175K.
We offered 175 and it was accepted, but then pulled before deposit was paid.

We had been asked a few times by seller, not agent, to pay 20-30 in cash direct to them, but said no cause it was a bank sale.

PPR said house went for 158K. Obviously someone did give over the 20-30K to the seller direct.

Bank involved, Revenue and others would be very, very interested in knowing about this.

allibastor

L1011 wrote: »

Bank involved, Revenue and others would be very, very interested in knowing about this.

I know, they were!!!!

Bob24

April 73 wrote: »

Why are the prices of new houses registered without vat anyway? Surely this is misleading in itself? It's not the price that the owner paid.

There is a "VAT Exclusive" column on the spreasheet. You know these properties were sold new and you need to add the VAT.

It is a little bit confusing the first time you look at it but passed this it can actually be useful if you want to filter out new builds.

April 73

L1011 wrote: »

Its the price stamp duty was paid on.

Ah, ok thanks.