We use Google Analytics to see which pages are read and how the site is used, so we know what to improve. This only runs if you accept. See our privacy notice for details.

Seanad
‹ Order of Business

Gazumping in property sales

Summary

Senator Naughton seeks action against gazumping, describing the practice as unfair and harmful to people trying to enter the housing market.

Given the recent surge in the property market, I propose to raise the issue of gazumping - where a vendor accepts a higher offer for a property after a sale has been agreed. This practice may not be illegal, but it is immoral. As we emerge from the recession, many people in Galway and elsewhere are trying to get their foot on the property ladder, while others are seeking to trade down. People should never be subject to this extremely unfair practice which feeds into the greed that dominated the housing market during the so-called boom. The Property Services Regulatory Authority does not have any statutory function in the matter. I request the Leader to invite the Minister for the Environment, Community and Local Government, Deputy Alan Kelly, to the House to debate this issue. Given the need to build more houses, it is in everyone's interest to have a housing market that operates in an ethical manner.

Comment on this