Property sector - Law must be enforced stringently

Legislation not just governing management companies of apartment developments but outlawing any sharp practices that exist in the property sector, must be enforced stringently.

It is at least good news that Director of Corporate Enforcement Paul Appleby has launched a consultation paper on the governance of property companies, especially in the light of what was exposed by the recent RTÉ Prime Time Investigates.

The programme showed that 75 property management companies are waiting to be struck-off by the Register of Companies because they failed to file accounts. This has obvious implications for apartment owners and investors because properties can become dilapidated and lose value, if they are not maintained.

However, the property market generally can be fraught with problems for any prospective purchaser, and given the prices they are expected to pay, it is important that their interests be protected as well.

Some estate agents and mortgage brokers are not beyond artificially increasing the price of a property by inventing ghost bidders. Collusion between such unconscionable agents and companies are inimical to anybody’s interests and have to be eradicated.

Similarly, a campaign against unsolicited telephone calls must be welcomed by householders frustrated by persistent calls from a plethora of companies.

The campaign launched to inform customers of their rights by the Commission for Communications Regulation (ComReg) and the Data Protection Commissioner is not before time.