‘Same’ methods to price property

Auctioneers heavily criticised for rubber-stamping inflated Celtic Tiger property prices are still using the same mechanisms to value homes today.

The head of the sector’s representative body admitted the situation to the banking inquiry on the same day as auditors also defended their role in failing to ring alarm bells.

Under questioning from Sinn Féin finance spokesman Pearse Doherty, The Institute of Professional Auctioneers and Valuers chief executive Patrick Davitt said that during the boom standards in the sector were not robust enough to flag concerns.