Changes to Auction Guide Price System

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Does anyone have any information or links to info about the new changes to the Auction guide prices system ? I think they come into effect next month.

Does anybody have any views on how this will effect property prices ?

Will more houses be put up for auction or less ?

Thanks
 
Also, from the Irish Times (Aug 5), reporting when the report of the working group had been published:
In relation to the long-running controversy over the publication by selling estate agents of unrealistically low guide prices, the report recommends that the only price level that a seller be allowed published in relation to a house for sale by auction, tender or private treaty would be the advised minimum value. "The advised minimum value is the auctioneer's true opinion of value at the commencement of the marketing campaign, as given in writing by the auctioneer to the seller on an obligatory basis."

It is not clear, however, whether there would be any mechanism to ensure this minimum value is a true reflection of the auctioneer's estimate of the property's real worth.
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There's a house going to auction in Ballsbridge with a guide of €3.5 million from what I recall. The write up in the paper said this was arrived at with the new guidelines and so represented a "realistic" expectation..... the it went on "that said the house next door was bought in 2001 for €9.5million by Denis O Brien although it was on a bigger site".

The new terminology is just bull$***

Roy
 
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