Consultant: Nama proposal not a good idea

A property consultant is rejecting the idea that Nama could be used to set a base price for property across the country.

The proposal was put forward by a former Chief Executive of Bank of Ireland yesterday.

Mike Soden says the bad bank should be made to make a call on pricing, in order to help the economy recover.

However, independent property consultant Derek Brawn says that even if Nama bought some properties to try and set a base price, it's not a good idea: "They’re not big enough and where are Nama going to get the funds from to buy properties?

"They have an existing portfolio of properties which they need to manage and run. They don't have to necessarily sell them and they could probably boost the market by saying they're not going to release more properties onto the market.

"That's probably the only thing they could do."