Proposal aims to clamp down on fake bids on houses

Proposal aims to clamp down on fake bids on houses

Fianna Fáil are worried estate agents could be using fake bids to increase house prices.

The party is suggesting a law change to ensure that suspicious bids can be reported and investigated.

Industry regulator, the Property Services Regulatory Authority (PSRA), says cases are so low it does not even class them as an identifiable category.

However, Fianna Fáil housing spokesman Pat Casey says there is still the potential for fraud.

He said: "The housing market is a rising market and this is the ideal market for this fake bidding process to take place.

"What we are saying is, let's put a very simple process in place.

The party wants a 10-day process introduced to report suspicious activity.

Mr Casey said: "The purpose of this bill is to bring further transparency over the whole bidding process.

"At the core of it, the aim is to try and clamp down on the potential of estate agents using fake bids to increase home prices before that sale is agreed."


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