The Society of Chartered Surveyors Ireland (SCSI) has welcomed the passing of the Property Services (Regulation) Bill 2009 through the Dail.

The SCSI said that the long awaited legislation would enact the Property Services Regulatory Authority (PSRA) on a statutory basis and would provided much needed legislative regulation in the property sector.

Roland O'Connell, Vice President of the Society of Chartered Surveyors Ireland said: "The Property Services (Regulation) Bill is long overdue and we are pleased to see its passage through the Dail. We hope that it will be passed into legislation before Christmas.

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"Buying a home is one of the largest financial transactions most people make and the new Property Services Regulation Bill will ensure proper standards of regulation of auctioneers, estate agents and for the first time, property management agents.

"The Bill also provides for the establishment of a National Property Price Register which

will provide consumers with a higher level of transparency in relation to house prices that is available in many other European countries."

(CD)