The Minister for Justice has been called to establish a public consultation on 'Gazumping', a process which leaves a prospective house buyer out of pocket and without a new home.

Gazumping refers to a sale agreed situation being abandoned when a higher bid is received regardless of how far advanced the sale process is.

Fianna Fáil Spokesperson on Urban Renewal & Housing Pat Casey TD said: "As property prices rise rapidly across the country gazumping is becoming increasingly frequent. This means young couples and other buyers are finding themselves being supplanted by a higher bidder weeks or even months after having gone sale agreed.

-- Advertisement --

"In many cases they have spent money on engineer surveys and solicitor fees. At the very least they have invested time in a property, missing out on other opportunities. Fianna Fáil is committed to a housing market that is fair, quick, transparent and less stressful for all concerned. In a housing market, which is seeing prices rise rapidly, this is more important than ever.

"In the UK, data indicates that this practice occurs in some 15% of cases. If a similar situation applies in Ireland then that would means some 7,000 sales were affected in 2016. Given the 12.3% rise in property prices it creates greater opportunities for gazumping to occur leaving more young couples and aspiring homeowners in the lurch. We need to develop a fair framework that will address this issue without harming the property market."

Mr Casey confirmed that he ha written to Minister Charlie Flanagan to formally request a public consultation on the matter.