Action and transparency needed to stop first time buyers being gouged
Action and transparency needed to stop first time buyers being gouged - The Labour Party
Labour Housing Spokesperson Conor Sheehan TD has called for legislative action and transparency on the sale agreed process for homebuyers.
Deputy Sheehan said:
“The Minister for Housing himself said that there was a need for more transparency in the homebuying process in Ireland, but I have not heard from the Minister what action he proposes to take to address this.
“The evidence is clear, people are overbidding and overpaying for homes in this country without realising what they are doing because there is no transparency around the process.
“There is also a need to address the process of gazumping whereby a seller accepts a higher offer from a new buyer after previously agreeing to a sale with another party because the sale agreed process is non-binding.
“The Competition and Consumer Protection Commission have highlighted significant information gaps for homebuyers in a 2025, yet Government are not willing to act on this.
“Minister Peter Burke, the Enterprise Minister has powers under Section 50 of the Consumer Protection Act 2007 to prescribe the consumer information that must accompany the sale of property to consumers by traders.
“When I queried this with the Minister, I received a response stating that the Competition and Consumer Protection Commission had a home-buyer’s guide which again places the burden of responsibility on the consumer.
“Minister Burke needs to act on the CCPC report on homebuying and if not Labour will act for him by tabling legislation demanding transparency around the homebuying process by tabling anti -gazumping legislation. While gazumping is unethical, it is entirely legal in this country.
“There is also a need to ensure a house is legally ready to be sold before it is allowed to be advertised and that all planning, title and probate issues are resolved.
“Bidding wars are a real and pressing issue and Government could take action by outlawing gazumping and legislating for a public bid register, where the amount and timing of all bids are visible online, a system already used by some digital platforms but one that must be rolled out universally.”