Property professional sum11

Summer 2011

Property

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The magazine of the Institute of Professional Auctioneers & Valuers

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Welcome

The importance of CPD courses Dear Member Welcome to the Summer 2011 edition of the Property Professional magazine.

The recent merger of the IAVI and the SCS into one new organisation, Chartered Surveyors Ireland has major implications for IPAV. Now, for the very first time, IPAV is the only organisation nationally that represents auctioneers and estate agents exclusively. Our aims and objectives are to represent the views and interests of this profession alone and in that regard there is now a greater responsibility on our shoulders.

With this in mind, IPAV will be now pursuing a comprehensive programme of activity aimed at upskilling existing members in the many and various areas of the profession.

The property Professional is the Magazine of the Institute of Professional Auctioneers & Valuers 129 Lower Baggot Street Dublin 2 Tel: 01 6785685 Fax: 01 6762890 E-mail: info@ipav.ie Website: www.ipav.ie CEI Website: www.web-cei.com

At our recent AGM in Ballyconnell, a number of members emphasised the necessity for a comprehensive Continuous Professional Development programme, notably in the field of valuation. The Institute has taken this and the other views of members on board and is already working on a number of options. Details will be sent to members in due course.

IPAV will strive to be as reactive to members’ concerns as possible and to assist them in upskilling in any area of interest.

Social networking and the exchange of views between members, as happened at our first Members’ Forum in Ballyconnell, is also a very important area of activity for members. The advent of new social media, together with conventional email provide a wide variety of ways for members to interface with each other and to compare notes. I would urge all members to make maximum use of this new media, particularly in cases where they cannot attend seminars.

We will continue to make use of our websites to provide as much back-up material as possible and we will of course be using our magazine, the Property Professional, to keep members informed of developments.

If you have any suggestions or thoughts to help further our education programme please feel free to pass them on to Head Office.

In the meantime, as Summer is upon us, I hope all members get some time for a break and well-deserved rest before facing the challenges that the Autumn will inevitably bring.

Chief Executive Officer Fintan McNamara M.Litt. Dip. L.S. MIPAV(HON) Editor Tim Ryan Tim Ryan Communications Tel: 01 679 0380 Advertising & Design Designroom info@designroom.ie Tel: 01 615 4715 Publisher Designroom www.designroom.ie

Property Professional Summer 2011 Views expressed by contributors or correspondents are not necessarily those of IPAV or the publisher and neither IPAV nor the publisher accept any responsibility for them.

Best Wishes

Fintan McNamara Chief Executive

Contents NAMA set to unveil new product Annual Convention Value in some European markets Opening a new lettings agency In the Dáil

pg 4-5 pg 6-16 pg 18-19 pg 24 pg 25-26

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President’s Message

Message from the President I am honoured to have been elected IPAV President at the recent AGM of our Institute. I wish to thank all the members who travelled to Ballyconnell for this very special occasion when we celebrated our 40th anniversary. While we were meeting in a very difficult and challenging environment, members still enjoyed the annual get-together and meeting friends, old and new.

In my address to the Annual Convention I made it clear that my main aim as President will be to lobby for the immediate release of finance into the property market by the financial institutions, most of which are now virtually State-owned. Members from all parts of the country have confirmed that they have clients on their books who are more than willing to buy properties, both as homes and investments, but are unable to do so due to the lack of finance.

The lack of adequate finance is the single, greatest obstacle to rebuilding a vibrant property market and at the Convention I outlined a number of ideas that, in my view, would help to get money flowing.

Recently there are indications that NAMA is in discussions with the banks with a view to launching new products to help revive both the residential and commercial sales. An outline of these is contained elsewhere in this magazine but we will have to await further clarification before we can pass comment on them. NAMA has over â‚Ź1 billion in funds which it can use to restart the market and this can be added to by the addition of money from private sources.

IPAV will be urging the Minister for Finance and the Government to ensure that NAMA gives primary consideration at all times to the domestic market and that it moves to wind down its loan book outside the State as a priority. In the meantime let’s keep our fingers crossed for the long awaited green shoots in the property market in the early Autumn.

I will also be seeking to ensure that our members are given a fair and equal opportunity by NAMA to tender for upcoming sale of the large numbers of properties which will be coming on the market in the months ahead. Local auctioneers, who have an intimate knowledge of the market place, are by far the best placed to secure the optimum price for properties and it behoves NAMA, receivers and others involved in the disposal of properties, to obtain the maximum price for the Irish taxpayer who, at the end of the day, is underwriting the losses.

Another priority of mine will be the issue of regulating our profession. From talking to members and from the views expressed at our AGM in Ballyconnell, the message is loud and clear that members cannot afford the proposed costs associated with the new regime. While IPAV has no objection in principle to having a Property Regulator and Authority in place, the costs associated with establishing this office are too prohibitive at this time.

IPAV is seeking an immediate meeting with the Minster for Justice, Alan Shatter, who has responsibility in this area and his officials to impress on them the need to postpone the implementation of this legislation until the general economic climate improves.

I will also be strongly advising the Minister that when the new legislation is implemented, the licenses should be issued for a period of 5 to 10 years as is the case in many European countries.

Over the next year, our Institute will be continuing to progress our CPD programme for members. At our recent AGM a number of suggestions were made by members and we will be taking these on board as we plan our yearly calendar.

Though the challenges are immense, I am nevertheless looking forward with eagerness and enthusiasm to my year in office. I hope to be as available to members as I can during the year and I look forward to meeting you.

Best wishes

Padraig Smith President

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NAMA

NAMA set to unveil new product for purchasers of residential and commercial properties NAMA hopes to unveil a new product for purchasers of residential and commercial properties in association with the two domestic banks in the Autumn, the Agency has confirmed.

The Chairman of NAMA, Frank Daly and Chief Executive, Brendan McDonagh both confirmed the launch at separate speaking engagements recently.

At the presentations, both men made the following points:

Provision of finance for residential and commercial property transactions The agency has identified a “key impediment” to residential sales in the current market as “a concern on the part of many debtors that prices could fall further and that, after purchasing, they could therefore find themselves in a position of negative equity for a long time to come.”

With this in mind, NAMA had “preliminary” discussions with AIB and Bank of Ireland as to how they and the agency might be able to provide financial support to purchasers of residential properties linked to the Agency or its debtors. The agency expects to have “a more detailed engagement” with them on this issue over the coming weeks.

NAMA said it hopes to be able to unveil a product for purchasers of residential properties with the two banks in the Autumn which meets the following key criteria: • generates sales of property controlled either by NAMA debtors or by receivers • provides an incentive to purchasers to invest at current prices in the knowledge that there will be a mechanism in place which will offer them protection against the risk of negative equity in the future.

In terms of commercial property, NAMA said it was specifically looking at ways to provide “debt finance to purchasers of commercial property which is either under the control of NAMA debtors or of receivers engaged [either directly or indirectly] by the agency”.

This type of financing is known as “vendor\staple financing”. It is widely used internationally and it requires the purchaser to inject “equity capital” of 25% or 30% of the purchase price of the asset upfront while entering into a loan agreement with NAMA to repay the outstanding percentage of the purchase price over a five or seven year period. The agency expects that it would typically engage with such financing arrangements with sovereign wealth funds, pension funds, insurance companies and private equity firms.

Advantages include the fact that the mechanism encourages purchasers to buy in a distressed market thereby setting a floor for the market with both parties sharing the risk on the purchase over the lifetime of the loan. The mechanism is typically used to

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finance commercial investment type assets which are income producing [offices, shopping centres etc] rather than land or unfinished buildings.

Both Mr Daly and Mr McDonagh made it clear that NAMA is seeing “tentative evidence to suggest that we may be close to the bottom of the cycle in Ireland”. Specific reference to this was made as follows: “Taking account of the long-term relationship between commercial property prices and economic growth, we know that for much of the past decade, prices had accelerated well ahead of GDP growth and that they have now corrected to levels where we would have expected them to be had the price bubble not taken place. There are a number of other indicators which suggest a stabilisation of prices including the reversion of office and retail yields back to pre-bubble levels.”

In this area the agency continues to see “a lot of interest from international professional investors who have a more long-term performance horizon in mind and who are interested in acquiring strong income-producing assets which will provide a steady return over time.”

The issue of NAMA openness and transparency Both the Chairman and CEO made the point that NAMA’s attitude to debtor confidentiality is defined by the legislation which set up the agency – rather than any policy decision of the agency.

Specifically they pointed out that NAMA is prohibited under Section 202 of the Act from disclosing confidential information which is defined as including information relating to debtors.

Furthermore, Section 99 of the Act provides that, on acquisition of a loan, NAMA takes over the legal obligations of the participating institution under the loan, one of which is the contractual duty of confidentiality which the debtor enjoyed while still a customer of the participating institution.

NAMA

McDonagh said: “I stress that it is of utmost importance to NAMA and to the CCABI that those suggested by the CCABI to be part of the NAMA liaison group are in no way compromised by virtue of their position as a NAMA debtor or otherwise.”

Appointment of Receivers Finally, in respect of debtors, Mr. Daly and Mr. McDonagh said NAMA is very much focused on engagement with debtors and were pleased to say that that engagement to date had, for the most part, been constructive. Most debtors had faced up to the scale of their losses, realised that there is a bumpy road ahead and were willing to make the necessary sacrifices and work their way out of difficulty.

For these reasons, NAMA considers that the agency is bound not to disclose details about debtors as to do so would leave it open to litigation. Information about individual debtors or guarantors is also protected against disclosure by the Data Protection Acts with which NAMA must comply as a data controller.

The two presentations made the point that a change in the law would be required to enable NAMA to disclose information about a debtor. The Chairman and Chief Executive made the point, however, that “even if the law were to be changed, there is still no certainty that the amended legislation would survive constitutional challenge if a debtor initiated proceedings to protect what he /she perceived to be his/her right to confidentiality and to privacy.” However, this is a matter which will be determined by others and not NAMA.

Approved Sales to date In the two presentations it was confirmed that NAMA has to date approved the sale of an estimated €3.3 billion in property assets held by debtors since 1 March 2010, with the majority of it in the UK. Some of the proceeds of these sales were used to pay down debts to participating institutions or to non-NAMA banks where they had co-lent on developments.

“Regrettably, in a total of 57 cases to date, we have been left with no choice but to enforce against debtors or to approve enforcement action by the participating institutions,” the agency added. “In these cases debtors have been unable to demonstrate long-term viability because of the unmanageable scale of their liabilities by reference to their financial or managerial resources.”

“In a minority of cases business difficulties have been compounded by a failure to engage fully with the process. A number of debtors appear to be trapped in the old mindset whereby it is they and not the lender who sets the terms on which business is done.” Speaking to those debtors directly the Chairman and CEO said; “NAMA has and will enforce against such debtors” Finally, both Mr. Daly and Mr. McDonagh urged debtors to be realistic and meet NAMA half way as that was the optimal outcome for all parties and for the citizens of the State.

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It was also confirmed that the agency has now approved close to €800m in new money advances to enable projects which are commercially viable to be completed or otherwise to protect and enhance their value.

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NAMA has currently €1.2 billion in cash balances after redeeming €250m of NAMA Senior debt and repaying the Minister for Finance €299m of working capital he provided to NAMA in mid 2010.

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Consultation Speaking in Dublin, Brendan McDonagh announced that the agency will shortly be writing to the CCABI (umbrella group of accounting bodies in Ireland) with a view to forming a small NAMA liaison group which will include representatives of all the accounting bodies who will engage with NAMA on general rather than individual issues of mutual interest. It is important that it is not a lobby group as that is prohibited and is an offence under section 221 of the NAMA Act. Mr. McDonagh said that the CCABI NAMA liaison group “should generate better understanding amongst the wider accounting profession” of NAMA.

Go to www.osi.ie and follow the 7 steps (first time customers) Suitable for professional architects or engineers or anyone who requires planning for an extension, a new house or larger development.

The site also includes many more products such as Land registry maps, Historic maps, Environmental reports and Aerial photography.

For more information go to www.osi.ie Summer Issue | page

Convention 2011

Two new Ministers at the Custom House Two new Ministers were appointed at the Custom House on Thursday, March 10. Phil Hogan is the new Minister for Environment, Community & Local Government while Willie Penrose is the new Minister for Housing & Planning.

Phil Hogan TD, Minister for Environment, Community & Local Government

Willie Penrose TD, Minister for Housing & Planning Longford-Westmeath Labour Deputy Willie Penrose is the new Minister for Housing & Planning. He has the right to attend all Cabinet meetings.

Carlow-Kilkenny Fine Gael Deputy Phil Hogan is the new Minister for Environment, Community & Local Government.

Phil Hogan was first elected to the Dáil in 1989. He was appointed Minister of State at the Department of Finance with special responsibility for the Office of Public Works in December 1994.

Since 1997, he has been Political Director of Fine Gael and a member of the Fine Gael Front Bench. He was Chairman of the Parliamentary Party from 1995 to 2001. He served as a senator from 1987 to 1989. He served as a member of Kilkenny County Council from 1982 to 2003.

He was educated at St Kieran’s College, Kilkenny and UCC. A former auctioneer and estate agent, Minister Hogan is an Honorary Member of IPAV.

Minister Penrose was first elected to the Dáil in 1992. He was appointed Labour Party Spokesman on Enterprise, Trade & Employment in September 2007. Between 2002 and 2007 he served as Chairman of the Joint Oireachtas Committee on Social & Family Affairs and was Spokesman on Agriculture from 1997 to 2002.

He served as a member of Westmeath County Council from 1984 – 2003 and of the Council’s Planning & Environmental Committee, Agricultural Committee and Coiste Gaeilge.

Educated at St Mary’s CBS, Mullingar and Multyfarnham Agricultural College he holds a Masters degree in Agricultural Science (Economics) from UCD and is a qualified Barrister.

Rents rise by half a percent in early 2011 Nationwide rents rose by half a percent (0.5%) on average in the first three months of 2011, according to the latest report published by the property website, Daft.ie. The average rent nationwide now stands at €825, 25% below the 2007 peak.

Rents have been largely static since early 2010. However, the stabilisation nationally hides different regional trends. In Cork City and some parts of Dublin, rents are now up to 3% higher than at the same time last year, while in Galway City they are largely stable. In Waterford city they are 6% lower, while elsewhere in the country rents are 3-4% lower than this time last year.

The total number of properties available to rent nationwide has risen slightly but at 17,000 is well below its high in mid-2009 of almost 24,000.

Commenting on the report, Ronan Lyons, Economist at Daft.ie, said: “The latest figures confirm the first signs of stabilisation in rents which emerged from Dublin and Cork in early 2010. However, while rents are rising in some urban centres, there is still a significant overhang in other parts of the market which is pushing down rents. What we may be seeing is the emergence of a two-tier rental market, reflecting different levels of property oversupply around the country and indeed different labour market outlooks.”

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Year-on-year change in rents, Q1 2011 Dublin: €1,057, up 0.4% Cork: €869, up 2.9% Galway: €746, down 0.9% Limerick: €686, down 2.3% Waterford: €639, down 6.0%

Convention 2011

Cavan man elected to head IPAV Cavan auctioneer Padraig Smith is the new President of IPAV. Mr Smith was elected at the Institute’s AGM, held in the Slieve Russell Hotel, Ballyconnell, Co Cavan on Saturday May 21 and succeeds outgoing President Paul Reynolds.

A native of Lavey, Co. Cavan, Mr Smith began his career as a livestock auctioneer in 1974 and moved into property ten years later. He has offices in Ballyjamesduff and Cavan town. He was elected to IPAV’s National Council in 2001 and has served as Junior and Senior Vice-President. He is married to Mairéad and the couple have six children.

At the AGM Liam O’Donnell was elected Senior Vice-President and Ronald Duff was elected Junior Vice-President.

Padraig Smith

Outgoing President outlines progress in a difficult year The following is a summary of the remarks by outgoing IPAV President Paul Reynolds to this year’s AGM: It has been a long and difficult year for all businesses, not least of all the Auctioneering and Estate Agency business since we met in the Solis Lough Eske Hotel where I was officially elected as your President.

Being elected President is the highest honour you, the members, can bestow on any of our members and it was with great pride that I represented our Institute over the past year.

Apart from the many meetings and functions I attended as your representative I will give you a brief resume of some of the issues that we dealt with. We made a very detailed submission to the then Minister for Finance, Brian Lenihan prior to the Budget in December 2010. Topics we highlighted included the ghost estates, bank lending, Section 47 occupancy, Stamp duty and the €200 levy on second houses.

After the Budget we followed it up with a further submission outlining the negative and serious consequences of his proposals regarding the changes to the capital allowance relief schemes and the interest relief restrictions on residential properties amongst others.

You are aware that the Dept of Finance is to carry out an impact assessment report on some of those proposed changes and we have made an application to be part of that Impact Assessment Committee and are still awaiting their response.

Our Educational Advisory Committee has the HETAC application at an advanced stage and hopefully it will be submitted soon.

The success of this application will make the accreditation of our course much better and easier. We are half way there in our current course in Head Office, under the supervision of Mr Peter Brady.

At European level, through our membership of CEI, we are continuing to be very active in a number of areas which affect our profession.

Outgoing IPAV President Paul Reynolds congratulates incoming President Padraig Smith at the Annual Convention.

On our own industry, I am listening and reading with interest NAMA’s proposal on lending on residential and commercial properties which they are considering in conjunction with Allied Irish Bank & Bank of Ireland.

When the first draft of these proposals is published, we will need to study them in great detail and again forward our proposals or suggestions to NAMA where we deem necessary. Remember Mr Frank Daly is an ex-tax official and Mr Brendan McDonagh was the Finance Director of the National Treasury Management Agency and now they control one of the biggest property portfolios in the world.

As I said, my term in office has been a very difficult one for our profession but I had fantastic support from many quarters. Among them I would like to thank firstly the members of National Council, the members of the various sub-committees, our Immediate Past President John Shaw, our Senior Vice-President, Padraig Smith, our Junior Vice-President Liam O Donnell, our chief executive Fintan Mc Namara, our PR Tim Ryan, Laura and Val in Head Office and last, but by no means least, Marie, my wife and my family.

Finally, thank you, the members for making the effort and taking the time out to attend here today.

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Convention 2011

New vision of housing needed for the 21st century - Minister The following is a summary of the remarks by the Minister for Housing & Planning, Willie Penrose to IPAV’s Annual Convention in Ballyconnell, Co. Cavan.

Willie Penrose TD

These are difficult times for our country and I am very conscious of the particular challenges all here in this room face on a daily basis. The boom-to-bust tale of the Irish property market is all too well-known to us; the challenge now is how to plot a path to recovery and how to learn from the mistakes of the past.

Government cannot repair an economy on its own but what it can do is to assist in creating the conditions whereby confidence, investment and spending return.

The novelist, L.P. Hartley, famously wrote that “The past is a foreign country; they do things differently there”. Well, in Ireland, the past is all too recent. Things were done very differently and we will be paying the price for that for years to come. A misguided perception of housing as an investment class took off less than 15 years ago, facilitated by an explosion of cheap credit. Long-held principles of rational house-purchasing decisions such as location, suitability, and price versus household income, were forgotten in the frenzy to “get on the ladder”. The previous Government pursued pro-cyclical policies that further over-stimulated the market and the wider economy; they deviated from the minimum standard expected of a Government which is to “do no harm”.

Today we are dealing with the consequences of encouraging people to choose their housing options on the basis of investment and yield rather than hearth and home.

Given the centrality of housing to the good and bad times we have seen over the last two decades I think it’s crucial that we articulate a new vision of the Irish housing sector for the 21st century. This evening is a step in that process as I continue to engage with stakeholders and to refine my thinking on the matter.

Programme for Government

of viable housing choices, from outright ownership, to a wellmanaged private rented sector, to differing social housing options whether delivered by local authorities, voluntary and cooperative organisations or by private sector mechanisms.

The Government will act across a range of regulatory and policy areas such as banking (specifically lending), taxation, housing, planning & land use and social welfare to ensure that once recovery is under way, the housing market is nothing more than a factor in wider economic performance and not – as it has been in the past – regarded as a key driver of that performance.

My Department is advancing with a significant reform of the way in which social housing need is met. This reform is radical as it moves investment in social housing away from bricks and mortar solutions towards a more flexible system where measures such as the Rental Accommodation Scheme and long-term leasing play an increasingly prominent role in meeting social housing need. The scale of our economic crisis, and the corresponding hole in my own housing budget, means that local authorities can no longer be large-scale providers of new housing stock; instead they must work with housing bodies and the private sector to meet genuine housing need.

Private sector Recognising that the private rented sector is a critical component of the wider housing picture, I am committed to ensuring that the sector is well-regulated and stable and that it presents an attractive housing solution to all classes of housing needs.

A balanced housing sector requires a strong, vibrant and well regulated private rented sector. Important steps have been taken in this regard in recent years with the establishment, via the Residential Tenancies Act, of the Private Residential Tenancies Board (PRTB) and the creation of real security of tenure as well as the introduction and enforcement of higher minimum accommodation standards.

The Programme for Government commits to a range of actions that will impact on the housing market. These range from the regulation of credit institutions’ lending practices, to facilitating housing associations and local authorities to access private sector funding, to dealing with unfinished housing developments, to reforming personal bankruptcy law, to improving the quality of useful information available to consumers, regarding the housing market.

I am committed to building on this and to making the rented sector an evermore stable and attractive housing option for all.

In the short term, it is my intention to introduce legislation in the next few weeks to optimise the efficiency with which the PRTB – the Private Residential Tenancies Board - does its work and to bring tenancies within the voluntary and cooperative sectors within the PRTB’s remit. The legislation will specifically address a number of key areas and have an overall emphasis on streamlining and simplifying the Act and reducing delays.

Previously, without taking corrective action to moderate the housing market, the last Government chose to chase a fast moving target, adopting unrealistic output targets and facilitating unsustainable levels of residential construction. Today we must consider how best we can ensure that all households have access to the housing solutions that best meet their personal and financial circumstances. We must have a robust spectrum

I also want to make real progress in tackling the difficulties associated with unfinished housing developments. In the short term, critical public safety issues on these housing developments must be addressed. In the longer term, all stakeholders – developers, financial institutions, NAMA, local authorities and residents – must work together to deliver long-term solutions.

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Convention 2011

Speaking of NAMA, I have met with them and emphasised the importance of achieving a social dividend from the overall NAMA process. Their response has been positive and I’m confident that they share our view that there are meaningful synergies that could see unsold NAMA-controlled stock being deployed for social housing purposes. However, until recently, and despite our shared understanding of the problems – and general agreement on the means by which the problems might ultimately be addressed – the enormous scale of the task that NAMA has been presented with has meant that there has not yet been concrete realisation of the ‘social’ dividend.

Property index The recently launched CSO Residential Property Price Index is a good step in this regard. Developed with data initially supplied to the Department, the Index is mix-adjusted unlike the average house price index that my Department currently publishes. Of equal significance will be the creation of a register to hold details of all property transactions, a task entrusted to the Property Services Regulatory Authority when that body is established on a statutory footing.

As is clear from the extensive media coverage over recent weeks, NAMA is increasingly moving to enforce against non-performing loans. As a result more physical assets are coming within its direct control. I am confident that this development will accelerate the delivery of a social dividend from the NAMA project and I hope to see the first tangible products of my engagement soon, in the form of a high quality, permanent new social housing stock.

The housing market is at a very low ebb today; mortgage approvals, commencement notices, all the key indicators are pointing downwards. Eventually, however, the market will turn and it is my belief that the actions this Government will take will assist in returning confidence to the market. An obvious area in which we can assist is in the provision of timely and useful house price statistics that will assist potential purchasers in making informed choices.

IPAV CEO Fintan McNamara (left) and Senior Vice-President Liam O’Donnell chatting to Donal Buckley of the Property Independent at the Convention.

Restructured payment more likely than structured default – Ernst & Young

Neil Gibson

A restructured repayment of Ireland’s huge debt is more likely than a structured default, a leading economist told IPAV’s Annual Convention.

Neil Gibson, Economist with Ernst & Young’s Economic Eye, told members at their Annual Convention in Cavan that a default would likely lead to penalties for the Irish economy and cast considerable doubt over the survival of the 12.5% rate of Corporation Tax.

The growing realisation that the Irish government may not be able to repay the entirety of its sovereign and banking debts, at current interest rates agreed in the bailout package, is adding uncertainty to an economy that has already lost over 300,000 net jobs and contracted, in both GDP and GNP terms, by more than almost 15% from its peak, according to Mr Gibson. Though export businesses, of which Ireland has an enviably large number, have performed well, both during the depth of the recession and in the global recovery phase, the pressure on consumers continues to mount, with inflation returning and the tax burden rising.

The construction sector has suffered more than most, he says. While the

outlook for the property sector remains challenging, he says Ireland does have foundations upon which to build, not least its international business base, low corporate tax rate and a skilled labour force.

On ways to restart the economy, Mr Gibson says Government and consumers are unable to deliver growth, so it’s “all eyes on business”.

“It’s all about entrepreneurs,” he says.

“A key challenge of leadership now is to turn tough times into opportunity and to motivate staff to deliver.”

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Convention 2011

New IPAV President blames banks for current state of propety market The following is a summary of the remarks by Padraig Smith, IPAV President to the Annual Convention in the Slieve Russell Hotel, Ballyconnell.

It is a great honour for me, and for my family, to be elected President of IPAV and I thank the members of National Council for their confidence in me. During my time as President I will do my best, whenever and wherever I can, to ensure that the high standards and values promoted by my predecessors continue to be upheld.

This year’s Convention is very special to us as we celebrate our 40th anniversary. I wish to pay tribute to IPAV’s founding members and to all those who helped build it up over the years.

The recent merger of the IAVI and the SCS into one organisation now means that IPAV is the only exclusive representative body for auctioneers and estate agents nationwide. I am glad to report that we added in excess of 40 new members since Convention 2010, an increase of 33% on 2009 intake. IPAV is keenly aware of its increased responsibility and will be continuing to set the highest standards for members and will continue to be the public’s guarantee of a totally professional and reliable service.

Property market The property industry continues to be in a general state of stagnation and the single biggest cause is the inability of the financial institutions and indeed NAMA to date to provide loans on reasonable terms and conditions for would-be buyers. By would-be buyers I mean both first-time buyers, second-time buyers and investors because without a mix of all three we will not have a vibrant industry.

The recent Allsop auction of distressed property demonstrated what our Institute and our members have been saying loudly and clearly for a long time, namely that there are plenty of purchasers out there. It is a pity banks do not afford local Auctioneers the opportunity to sell properties at the same discretionary prices as Allsop sold them. Our members, with knowledge of the local market are best placed to secure the highest prices in the market which would be to the advantage of all.

In my opinion many commentators are too busy predicting the bottom of the market. This should not worry Auctioneers who are solely interested in selling property.

As recently as May 4th Credit Ratings agency Standard & Poor’s, which has been the focus of much criticism in the past over its downgrading of the Irish economy, also said Ireland’s housing market has finally bottomed out. This is great news but will it help any one of you to sell a property? No it will not. Why? Because of lack of finance. We have the banks telling us its business as usual, that they are lending money and seventy-five per cent of their loans are getting approved.

I hope and expect that now that the stress tests on the banks have been completed and that the commitment by the Government to inject new capital into the banks has been made we will see some improvement in the overall situation.

This afternoon I want to put forward a few proposals that should serve to ease the current situation: First, that the banks should speed up the run-down of their noncore loan books in overseas markets in order to free up liquidity for Irish mortgage provision.

Mortgage match Secondly, where a property is for sale in respect of which the vendor has an existing mortgage, we as estate agents should be allowed to establish from the vendor the identity of the mortgage provider. This should, in turn, enable us to direct a prospective purchaser towards that financial institution with a view to getting it to simply assign the mortgage over to the new purchaser.

Provided the purchaser has the necessary repayment capacity, there should be no reason why the financial institution cannot accept him or her as the new obligor on the mortgage.

On Sunday, April 17 last, the Chairman of NAMA, Frank Daly, was quoted as saying the State agency intended to “use its financial muscle to kick start the property market.” NAMA has over €1bn at its disposal. He said the provision of finance for the purchase of property was “a natural next step” for NAMA. But despite his comments, nothing has happened so far.

However, I do welcome the recent comments by Mr Daly that NAMA hopes to be in a position to launch a new product in the Autumn, aimed at restarting the market. But we must await further details on this.

Padraig Smith and his wife Mairéad Summer Issue | page 10

Convention 2011

This approach would mean that the net increase in the bank’s lending, if any, would be much smaller than if the bank was simply lending on the house for the first time. Of course where the mortgage is greater than the value of the property due to the fall in property values over the past three years, in those circumstances it is still likely to be advantageous to the bank to have a willing purchaser and willing seller in order to reduce its overall net exposure through an agreed restructuring or forgiveness of some of the vendor debt.

We all have seen the Bank of Scotland which has exited the Irish market, giving massive debt reductions to some clients ranging from 30 to 80 per cent. If a bank exiting the Irish market can do this, why cannot the banks that are still trading here do likewise?

This again is something the Central Bank and Government need to examine.

Thirdly, I believe the property overhang now to be approximately 33,000 new and 53,500 second-hand houses. The properties that are owned by NAMA and the banks should now be placed on the market and sold at the price the market offers. If the writedown is correct, there will be buyers. It is only then the property market will start to function again.

We all know that building sites are now valued at between 10 and 2 per cent of the value they were at in 2006. Labour costs and building materials have fallen by between 20 and 50 per cent. Builders will be unable to reap the massive profits they did in 2006. All these ingredients added together will lead to cheaper housing and, when the market starts moving again, all of society will win through the creation of jobs, increased taxes, a rising economy and the return of our self-esteem.

Property should not be a dirty word in Irish society. The construction industry has given modern Irish families quality homes that even many of their parents only dreamed of. One thing is quite clear to any observer of the property market, the solution will eventually be found and will be a relatively simple one. I believe Auctioneers will play a key role to finding it.

Regulation IPAV supports the regulation of the auctioneering and estate agency profession. However I believe in a much simpler solution than that being proposed to avoid abuse by the few, namely the setting of a maximum reserve for all properties going to auction.

The existing legislation needs to be enforced and all agents who are selling and letting property should be licensed. Unfortunately, this is not the case, as we know.

We all know that regulation, while necessary, is all too often expensive and does not necessarily improve the quality of the service being regulated. Given the current poor state of the property market and the huge financial constraints on practitioners, the Government should fully cost the new measures in advance of their implementation and consider deferring their introduction until the return of normal market conditions.

In addition, as President, I will be asking that the new licences,when introduced, should be valid for a minimum period of five to ten years as is the practice in some other European countries.

These are just some initial thoughts I have on the current state of the market as I begin my term of office.

Finally, in relation to NAMA, I believe that all of the resources it has available for lending should be focused on its Irish property assets.

The Minister for Housing and Planning, Willie Penrose TD with IPAV President Padraig Smith and CEO Fintan McNamara

Summer Issue | page 11

Convention 2011

John Earley, Roscommon with Seán Gallagher of RTE’s Dragon’s Den Co Kildare auctioneers pictured at the Convention (l – r): Eamon O’Flaherty, Maynooth; Seán Reilly Jnr., Clane, Padraig Smith, IPAV President and Seán Reilly Snr., Clane

Property Regulator Thomas Lynch (right) and Kersten Mehl, Chartered Surveyors Ireland, at the IPAV Convention

At IPAV’s Annual Convention were (l – r) Peter Murtagh, Baileborough; Eamon O’Reilly, Cavan Town; Liam Reilly, Ballinagh; Philip Ward, Castleblaney; Eugene O’Dwyer, Virginia and Declan Woods, Cavan Town.

Westmeath auctioneers at the Annual Conference (l – r): Pat Davitt, Castlepollard; Aidan Davitt, Mullingar; Padraig Smith, IPAV President; David McDonnell, Mullingar and Donal Shine, Athlone.

Seán Gallagher with Pat Finn, Ballinasloe (left) and Mervyn Lloyd, Mohill.

Summer Issue | page 12

Convention 2011

Pictured at the Convention were (l – r): Mary Gallagher, Achill; Frank Chambers, Newport; Padraig Smith, IPAV President; Don McGreevy, Westport and James Fay, Mullingar.

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Ryan Coyle and Neil Reid of MyHome.ie with Mullingar IPAV member David McDonnnell

Ronald Duff meets young Mark Smith at the Convention Summer Issue | page 13

Convention 2011

Martin O’Mahony, Goatstown Dublin and Tom Crosse Limerick at the Annual Convention

Odhran Ginnity (right), CEO of portal website Daft.ie, with Daft team members Catherine Mulholland and Fran McKeown

A section of the attendance at the Convention CPD Seminar

Pat and Ella Dunphy, Ormonde St., Kilkenny with Charleville auctioneer Pat Carroll

Summer Issue | page 14

Athlone auctioneer Ray Finlay (right) and his wife June with Desmond Daly, Kanturk

Convention 2011

Carlow auctioneers Nora Meaney (left) with Sharon O’Leary and Maura Fenlon at the Annual Convention

Mullingar auctioneer Pat Davitt with IPAV President Padraig Smith and Seán Gallagher.

All the Smiths! Standing (l – r): Donna Smith, Darren Smith, Pete Smith, Eileen Smith, Margaret McCabe, Mary Smith, Willie Penrose TD, Dolores Shiels, Sean Shiels, Raymond Smith, Rachel Smith.

Sitting - Mark Smith, Padraig Smith, Mairead Smith, Melanie Smith

Seán Gallagher meets IPAV member Gerry Coffey, Williamstown, Co. Galway Sweet Caroline....! IPAV National Council member Tom Crosse lends a helping hand to the Jean Bannon Quartet at the post-golf get-together in the Slieve Russell

Summer Issue | page 15

Convention 2011

IPAV Members enjoy golf outing in Cavan IPAV Members enjoyed their annual Irish Examiner golf outing at the Annual Convention in the Slieve Russell Hotel, Golf & Country Club, Ballyconnell, Co. Cavan The Irish Examiner was represented at the Convention by Property Manager Marguerite Stafford and Margaret O’Meara. Marguerite and Margaret presented the winning prizes at a social gathering on Friday night.

The overall winning team consisted of John Mollin, Tullamore; Aidan Davitt, Mullingar and Richard Flynn, Sixmilebridge.

John Little, Trinity St., Drogheda was the winner of “the longest drive” in the IPAV golf outing. He is pictured here with Marguerite Stafford, Property Manager, the Irish Examiner

Margaret O’Meara of the Irish Examiner presents Noel Kelly, Portmarnock, Co. Dublin with the prize for “nearest the pin” at the IPAV golf outing

At the presentation of prizes to the overall winning team at the golf outing are (l – r): John Mollin, Tullamore; Margaret O’Meara, the Irish Examiner; Richard Flynn, Sixmilebridge; Marguerite Stafford, Property Manager, the Irish Examiner and Aidan Davitt, Mullingar

CEI News

Successful European real estate congress in Berlin More than 800 real estate agents and managers recently attended the European Real Estate Congress 2011 in Berlin which was hosted by German Real Estate Association Immobilienverband (IVD).

“We had worthwhile discussions and we used the opportunity to make new business contacts”, said Manuel Negrao, President of CEI. “More than 20 countries were represented including Ireland, the UK, The Netherlands, France, Portugal, Italy, Romania, Bulgaria and Germany.”

Real Estate markets The market situation varies considerably in the member countries.

This was shown in a CEI survey of apartment prices in several European cities.

Paris, Milan and London are on the top of the price survey. In Paris, a two-bedroom apartment costs in excess of €500,000. A similar apartment in Milan costs €450,000, €440,000 in London and €280,000 in Rome and Munich.

Summer Issue | page 16

In Vienna, the Austrian capital, the average cost of an apartment is €150,000. Prices in Salzburg, Graz and Innsbruck are a little below this.

OIn average, an apartment in Salzburg and Innsbruck costs €140,000.

In Athens, there are still luxury apartments which cost €9,000 per sq.m.

At the other end of the market, normal apartment prices range from €800 to €3,000. Prices in Sofia range from €500 to €2,300 per sq m.

Therefore, an average apartment costs in the region of €66.000.

Apartments in the Romanian capital, Bucharest, cost approximately €80,000. Prices in Bratislava, capital of Slovakia, are higher at €143,500.

Apartment prices in Lisbon range from €126.000 to €274,000.

Foundation of the new platform At the meeting CEI and CEPI signed an agreement concerning the foundation of a new political platform for joint work in the politics of real estate in Brussels. The new platform is entitled: “Real Estate Professionals’ Forum”. Together CEI and CEPI represent 300,000 estate agents across Europe.

For further information on CEI log onto www.webcei.com

Go on, give it a try, you might be glad you did.

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We offer goods on one month account. We also offer key collection and a drop-off service.

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Euro View

Value in some European markets for those with cash to Invest Irish investors may still be out of Love with property, but will those with cash be able to withstand the lure of a never-to-be-repeated good deal as the global market begins a tenuous recovery, asks Peter Cluskey?

Time passes and economic pain is forgotten. That’s why it’s important for investors to remember that while Ireland has been deeply traumatized by the implosion of the property market, in other countries it was never quite as bad – and in many, a spirited climb-back has already begun.

The message is this: just because the bottom has fallen out of Irish house prices – down 11.9 percent in the year to the end of March, according to the Central Statistics Office – it doesn’t mean there aren’t plenty of worthwhile investments on the international property horizon.

Take just one example: London, a favourite investment location for the Irish in the days when money was no object. Recent figures from estate agents, Knight Frank, show that prime property rents have just risen for the twentieth month in a row – already exceeding the March 2008 peak by 0.2 percent. Doesn’t that do your heart good?

And while here in Ireland we may be struggling with the apparent impossibility of ever repaying our €85 billion EU/IMF bailout package, the fact is that the latest statistics for Eurozone economic recovery have been much better than expected – especially in the twin engines, Germany and France.

The Greek tourism sector, in particular, is expected to stage a recovery after a bad season in 2010 – with a ten percent increase in arrivals and a seven to eight percent rise in revenues forecast by the end of the Summer. It’s an ill wind … but political unrest in Egypt and Tunisia has also been beneficial in terms of visitor numbers.

On the other hand, the Eurozone growth data underlined once again the EU’s ever-more-apparent north-south divide. Growth in Spain and Italy remained stubbornly sluggish, with first quarter GDP rising by just 0.3 percent and 0.1 percent respectively.

Meanwhile, Portugal’s woes continued – it fell back into recession, with growth contracting by a further 0.7 percent.

Yet even for those countries still floundering, it’s the good news from Germany, Europe’s largest economy, which is most important – and which may prove to be a crucial support, not just for countries supping its “bailout soup”, but for its EU neighbours who will benefit from stronger trade.

German unemployment has fallen to its lowest level in two decades. That fed through into stronger domestic demand in the first quarter – with consumer spending in general increasing “markedly”.

The German economy grew by 1.5 percent in the first quarter of this year, lifting activity back over its previous 2008 high just before the collapse of Lehman Brothers – while France gleefully announced a one percent expansion in GDP, also considerably better than expected.

“Calling it a wirtschaftswunder – an economic miracle – may be a bit aggressive, but I expect Germany to outperform for several years”, says Jörg Krämer, Chief Economist at Commerzbank in Frankfurt. “So yes, I would say it’s possible that this may be a new paradigm.”

The figures generated self-congratulation all round, prompting Germany’s new economics minister, Philipp Rösler, to declare: “Germany is again the growth motor among the industrial nations – and not just in Europe.”

Are there dangers to this new-found strength in Germany and France? Of course there are.

France’s Finance Minister, Christine Lagarde, was just a tad more understated, maintaining that “the country’s growth machine has started again”.

United States The hopeful economic news doesn’t stop there. The United States has also seen economic activity back above its pre-crisis peak. The private sector there created 268,000 jobs in April, well ahead of Wall Street’s forecast of 185,000 – boosting both the Dow Jones Industrial Average and the S&P 500.

And even in Greece, where a €110 billion international bailout last year is running into trouble, amid fears of a default or an obligatory restructuring, GDP grew by a very-impressive-in-thecircumstances 0.8 percent – after contracting sharply for the past four consecutive quarters.

Summer Issue | page 18

Any recovery must remain delicate for some considerable time.

A stronger euro could hit exports; there’s the threat of inflation as a result of a pick-up in wages, while oil prices could continue to climb higher as a result of political tensions in the Middle East.

And the most worrying vista: a default by Greece or a decision

by Spain that it too needs a bailout after all could have disastrous monetary and political consequences for the euro – and send all of us careering down the economic toilet pan for the second time in five years.

Eastern Bloc Interestingly, with those caveats firmly in place, one of the first regions where this tenuous economic improvement is making itself felt in property terms is the former Eastern Bloc – those countries which joined the European Union in 2004, only to find that capitalist excesses had brought the entire western financial system to the brink of collapse.

Euro View

Those countries experienced an extraordinary boom as buyers from the UK and Ireland poured in on low-cost flights to pay grossly overinflated prices for their city centre apartments.

Not surprisingly, there has since been a very significant price correction – in the Lithuanian capital, Vilnius, for example, the average price of an apartment has dropped by a painful 39.5 percent from the height of the market in December 2007.

However, the fact remains that the economic boost across Eastern Europe from joining the EU was real – and there was considerable real but supressed domestic demand as well given the countries’ recent political history.

That’s why the latest issue of the Ober-Haus Baltic Apartment Price Index makes interesting reading: * In Vilnius, it shows that apartment prices rose in April by 0.7 percent. The average price per square metre for apartments climbed to €1,200. It also shows an annual price increase of 3.6 percent. * In Tallinn, the Estonian capital, the indicators were similar. Average apartment prices rose in April by an impressive 11.1 percent, after falling in March by 0.5 percent. Here, the average price per square metre rose by 14 percent to €1,041. * In Riga, capital of Latvia, the index shows that apartment prices remained stable in April, with an average price of €937 a square metre. Prices here have fallen by a shocking 59.7 percent since the peak of the market in May 2007. But the good news for investors is that they have increased again by 4.8 percent over the past 12 months.

Bulgaria In terms of over-heating, the Baltics countries were bad enough. But it was the apartment building craze in the ski resorts and along the Black Sea coast of Bulgaria which really summed up the “irrational exuberance” of the global market.

That’s why it still remains firmly in the doldrums. The Raiffeisen Real Estate Index shows that prices in the capital, Sofia, were down 9.4 percent year-on-year in the fourth quarter of 2010.

Given how much has been invested in the tourismrelated property sector there, in particular, builders and developers – those still in business, at least – are returning gingerly to the market. The number of new properties being built increased by 16.7 percent in the first quarter of 2011 but buyers remain extremely cautions.

When the Bulgarian property market finds its feet again – now that will be a real indication that investors are feeling confident again.

Paljakka ski resort in Finland

Peace in Paljakka!

The economic downturn hit Finland in 2009 and lasted only 12 months or so, but in that short period its GDP plunged by 7.5 percent , the sharpest recorded drop since 1918 – when the country was in the midst of a civil war.

It was the classic quick-fire V-shaped recession. By mid-2010, recovery was well underway. The Finnish stock market had climbed back 34 percent – and, believe it or not, houses prices that year went on to achieve a new all-time high. It was the fastest recovery in the Eurozone.

Those are the signs of a pretty resilient economy – but even so, even when the property buying craze was at its irrational height in Ireland, Finland wasn’t a real estate market many of us ever looked at. Well, perhaps we were wrong.

So let’s take a brief look now at one particularly enticing – and not untypical – offer.

Paljakka is a well-known year-round resort 600 kilometres north of Helsinki, a favourite with skiers, snowboarders, hikers, mountaineers and wildlife enthusiasts – in fact, winter sport and nature enthusiasts of all kinds.

It sounds remote and it is. The good news though is that there are five different airports all within an 80-kilometre radius, the closest at Kajaani just 16 kilometres away, which has direct flights from Gatwick, St Petersburg and Moscow – bringing a well-heeled mix of British and Russian skiers.

With ten ski lifts, 50 kilometres of cross-country trails, and – most importantly given the impact of global warming, reliable seasonal snow cover – it’s been buzzing since it was first developed in the Eighties.

Here, a one-bedroom furnished cabin in a complex run along aparthotel lines – with one week’s personal use in winter and two in summer – is on the market for just €90,300. There are 15 left in the first phase.

There’s a €6,000 deposit, an 18-month rental guarantee, and the first month your mortgage leaves the bank, the initial three months of rental income are paid in advance.

Phase two of this development is due to start soon at significantly increased prices – and the nearest other similar development is apparently offering equivalent investment properties for around €60,000 more.

We may have fallen temporarily out of love with property here in Ireland but if you’re already feeling the adrenalin-buzz of a good deal … don’t worry, you’re getting better!

Summer Issue | page 19

Irish Georgian Society

Traditional building and conservation skills on exhibition at Farmleigh

by Emmeline Henderson, Assistant Director & Conservation Manager, Irish Georgian Society Do you own or occupy an old building? If so then you should definitely attend the Irish Georgian Society’s forthcoming Traditional Building & Conservation Skills in Action Exhibition.

Primarily aimed at owners of Protected Structures and buildings located within Architectural Conservation Areas, but relevant to all guardians of traditional buildings, the two day exhibition will showcase all the skills necessary for their care and repair.

The exhibition will take place on Saturday 13th and Sunday 14th of August (10am to 5pm). Over the course of the weekend the whole spectrum of traditional building skills will be demonstrated, from stone carving and cleaning, repointing brick façades, dressing traditional slate roofs, thatching, construction of both dry stone and mud walls, use of lime mortars and hemp. The conservation and restoration of timber sash windows, fanlights and stained glass, decorative wrought ironwork and plasterwork, and fabrication of historic wallpapers will also be highlighted.

Neill O’Donough, stone mason modelling a stone windowsill, TBS Exhibition, Dublin, 2006 What’s more the Society is anxious that the exhibition be as family orientated as possible and as such there will be a welcoming atmosphere, with face painting for children and a farmers’ market too.

Courtesy of the Office of Public Works, the exhibition is being held in the splendid grounds of Farmleigh in the Phoenix Park. One of Ireland’s finest Georgian-Victorian country houses, its original construction and subsequent recent expert restoration by the OPW has employed traditional building and conservation methods and materials, thus making it a most fitting venue. The house will also be open for tours throughout the weekend.

Tomás Collins thatching at TBS Exhibition, Limerick, 2007 In tandem with the exhibition will be two-days of conservation talks by the acknowledged authorities, who will provide indispensible advice to period property owners. Talks will cover everything from the implications of owning a protected structure and grant aid available for historic buildings, to the importance of preventative maintenance and how best to insulate your period building without compromising its historic features.

Information stands where further advice can be obtained will be present. In addition to the Irish Georgian Society stand, there will be a Building Limes Forum Ireland stand and other conservation bodies will also be at hand.

In effect the exhibition will provide a one-stop-shop for historic building owners in need of accurate and impartial advice.

Furthermore thanks to the generous support of The Heritage Council, who have provided a grant for the exhibition under their Heritage Education, Community and Outreach, there is no admission charge to the exhibition or lectures.

All in all this is going to be an unmissable and action packed exhibition. The Society expects over 5,000 people will visit the event over the weekend. So if you intend coming then why not try to get the maximum out of the day and bring photographs of your period building and details of any particular conservation issues you may have in order to gain as much tailored advice as possible.

Hope to see you there! * The Irish Georgian Society, a not for profit charity of over 50 years standing, works to promote and protect Ireland’s built heritage. To obtain more information about the Society, the exhibition or to become a member please log onto www.igs.ie, ring the IGS on 01 6767053 or call into the office at 74 Merrion Square, Dublin 2.

Pat Ronan at his forge, TBS Exhibition, Kilkenny, 2008

Summer Issue | page 20

IPAV Courses

Fine & Decorative Arts presentations Newly elected IPAV President Padraig Smith undertook his first official function when he presented the recipients of the Certificate, Diploma and Advanced Diploma in the Fine & Decorative Arts with their parchments at a function in the Stephens Green & Hibernian Club, Dublin on Tuesday, May 31st.

The overall winner was Colette Pegum, Donnybrook, Dublin 4 whose thesis, The History & Architecture of the Sacred Heart Church, Donnybrook was singled out by the external examiner, Paul Caffrey, for particular mention.

All Fine & Decorative Art courses begin again this Autumn and those interested in participating should contact IPAV Headquarters without delay.

For further information log onto www.fineartcourses.ie or e-mail: info@ipav.ie

Recipients of the Advance Diploma in the IPAV’s Fine & Decorative Arts course at the Stephen’s Green & Hibernian Club on Tuesday, May 31st

Colette Pegum, Donnybrook, Dublin 4, the overall winner in the Fine & Decorative Arts Diploma course receiving her award form IPAV President Padraig Smith

IPAV Education Programme Recent developments in the market open new doors for those interested in property.

Professional practice and a commitment to ethical standards is the way forward

Part Time

Full Time Course

Certificate in Estate Agency (Valuation, Sales & Lettings)

Diploma in Fine and Decorative Arts (1 year) 3 IPAV Headquarters, 129 Lower Baggot Street, Dublin 2

Weekend Course Lectures held on alternate Saturdays over 2 Consecutive years 3 IPAV Headquarters, 129 Lower Baggot Street, Dublin 2 B.Sc (Hons) in Property Management (3 years) By arrangement with the College of Estate Management (CEM) at Reading University IPAV certificate graduates may top up to degree level through their distance learning programme.

Weekend Lettings Course The course covers all aspects of lettings 3 IPAV Headquarters, 129 Lower Baggot Street, Dublin 2 Certificate in Fine and Decorative Arts (1 year) Lectures held one evening per week Advanced Course in Italian Fine and Decorative Arts (1 year) 3 IPAV Headquarters, 129 Lower Baggot Street, Dublin 2

log onto: www.propertycourses.ie www.fineartcourses.ie

Summer Issue | page 21

Feature Article

Flahavan’s – the company that sets you up for life!

It’s a name synonymous with breakfast throughout Ireland and beyond. For the past 200 years the Flahavan family have been milling oats to make the famous porridge in the small Waterford village of Kilmacthomas. Property Professional editor Tim Ryan was among a group of agri-journalists who recently toured the Kilnagrange Mills.

“Boil oatmeal porridge for 20 minutes; and if you think the result mere oatmeal and water, try boiling it for two hours. (If you still think it as unpalatable as dry bread, treat it as you treat the bread; stir up a bounteous lump of butter in it, and do not forget the salt.) In eating oatmeal porridge, remember that there’s nothing so becomes a man as moderation and an admixture of stewed fruit.”

Such was the culinary advice offered by George Bernard Shaw in his 1904 publication John Bull’s Other Island. Despite the establishment of bacon and eggs as the traditional Irish breakfast in the 19th century, porridge continued to retain – and still retains - its place as a regular breakfast dish.

Oats have been a key food for Irish people over the centuries despite competition from many rivals. With the introduction of the potato in the late 16th century, the prevalence of oatmeal porridge declined as potatoes superseded oats as the staple diet and only in times of poor potato harvest did it temporarily regain its pre-potato status. However, despite the prevalence of the potato, oats maintained a strong foothold in the national diet until well into the late 19th century.

In the 19th and 20th centuries oatmeal became increasingly popular again when it was mixed with whiskey as a cure for the common cold! In this period porridge increasingly became a breakfast dish and this was promoted by the establishment of the commercial oatmeal producers, Flahavan’s, around 1790.

Originally the power for the mill came from the nearby river Mahon which at one time also powered four other mills between its source in the Comeragh Mountains and joining the sea at Bonmahon, explains the current chairman and sixth generation of the famous family, John Flahavan.

Contract milling In the early days, the mill was used for the contract milling of oats for local farm growers and oatgrowers. This is where the farmers oats were then milled and the milled oatmeal was returned to him. He was charged for this service. In the early days the oatmeal was a heavier type than the Flahavan’s “flaked” oatmeal that can be bought in the shops today.

panel of growers, mostly in counties, Waterford, Kilkenny and South Tipperary.

“So the carbon footprint for the porridge is small,” says John Flahavan, pointing to the short journey the oats have to make to the mill.

The region around Kilmacthomas has its own micro-climate, nestling beneath the shelter of the Comeragh mountains while also being relatively close to the sea. This means that the area does not get very cold winters normally which gives a better quality oat grain. However, due to the bitter frost and snow last winter many farmers, notably in more inland areas, had to resow in the Spring.

Special texture Flahavans also utilises a unique milling process in the plant which gives the product a special character in terms of texture and taste.

It is a totally natural product which is not genetically modified in any way.

In a further efficient effort, Flahavans burn the by-product of the oat to power the boiler which generates steam for the cooking process. Electricity is also generated from the original millstream alongside the mill on the river Mahon. Today John Flahavan and his team of directors are working on an exciting project to erect a wind turbine – possibly a second hand version of German lineage - to generate most of the electricity needs of the plant.

The Irish Hot Oats market is worth an estimated €22.1million per annum at retail level and Flahavans have over 65 per cent of this. In 1995 they entered the North of Ireland market and the UK market in 2003 where they already have made significant inroads. More recently the first trial shipments have been sent to the US market where special branding was designed to promote it as a distinctly premium product.

“You can go forwards or backwards but you can’t stay where you are,” says John Flahavan.

With the arrival of a member of the seventh generation of the Flahavan family to the business in recent times, this family-owned business is clearly set to expand and diversify into a multitude of new and exciting hot oats products that reflect the market environment. But there is no doubt that for generations to come Flahavan’s Progress Oatlets will remain as the staple breakfast diet for thousands of people at home and abroad as it has for past generations.

In 1935 it was decided to expand the mill and to put in an oatflaking facility. Oatflaking produced a finer flake, which is faster to cook. Since then, Flahavan’s have gone from strength to strength, so that today Flahavan’s Progress Oatlets, Organic and Quick Oats are the leading porridge oats brands in Ireland. In all, 52 staff are employed working normally a two-shift day from 6am to 10pm although the mill can operate around the clock when required.

Flahavan’s porridge has a distinctive texture and taste because most of the oats used are grown locally, chosen from a select John Flahavan

Summer Issue | page 22

Vanilla Ice-cream with Oatmeal Crunch and Warm Chocolate Sauce with Dark Rum and Coffee Oatmeal Crunch

Warm chocolate sauce with dark rum and coffee

Ingredients

Ingredients

50g (2oz) sugar

150g (6oz) good quality chocolate (65% cocoa solids) – melted

25g (1oz) honey

150mls milk

100g (4oz) Flahavan’s Jumbo Oatflakes

1 dsp. instant coffee

50g (2oz) Flahavan’s Pinhead Oatmeal

15mls of dark rum

50g (2oz) butter

Method

Method

1. Mix the butter, sugar and honey in a saucepan and bring to the boil.

1. Bring the milk to the boil and add the coffee.

2. Add the Flahavan’s Jumbo and Pinhead oats, then take off the heat.

3. To finish, mix in the rum.

3. Spread the mixture on a tray covered with greaseproof paper.

4. Bake in the oven at 180°C/350°F/Gas Mark 4 for 5 mins. Allow to cool.

2. Add this liquid to the melted chocolate, stirring gently all the time.

To Serve Put 2 scoops of good quality ice-cream in a bowl. Crush the oatmeal crunch.

Pour the warm sauce over the ice-cream and sprinkle liberally with oatmeal crunch.

Ipfma

Ipfma calls on new Government to enact Property Services Regulation Bill The new Government must enact the Property Services Regulation Bill as a priority, the head of the Irish Property & Facility Management Association (IPFMA), has said.

Peter Moloney, Chairman of the IPFMA, called on the new coalition Government to act quickly, in acknowledging that residential property management needs regulation, saying that the Government must “realise the importance of this Bill to the consumer and bring forward its enactment”.

Speaking at the Association’s 2011 Annual Members Lunch in Dublin recently, Mr. Moloney said that the IPFMA fully supports the new regulations that would be introduced under the new Bill, which, “when enacted, will see the introduction of licensing and the much sought after property regulator”.

Among the 220 members and guests attending the lunch were a number of heads of property and construction industry professional bodies, including Thomas Lynch, Chief Executive of the National Property Services Regulatory Authority.

The IPFMA chairman also announced that the Association is presently looking into the inconsistency regarding rates rebates within local authorities. He said that the IPFMA has set up a separate working group to prepare a paper to issue to government on this matter and has secured the assistance of a rates expert to assist in its preparation.

Additionally, Mr. Moloney announced that the IPFMA’s Commercial and Retail sub-committees are currently working on an Insurance Best Practise Handbook with Aon.

At the IPFMA Lunch were (l-r): Paul Reynolds, IPAV President; Jason Leonard, former England rugby prop; Peter Mooney, President, IPFMA; Frankie Sheahan, former Ireland and Munster hooker and Fintan McNamara, Chief Executive, IPAV. “The outcome of this project will be that our members will be recognised as leading industry best practise and it will enable them to secure insurance that might otherwise be difficult to obtain at reduced premiums”, he stated.

The IPFMA Chairman concluded by saying that the need for professional property and facility management is greater now than ever before as well-managed buildings and services can help businesses to become more competitive and can help to restore prosperity.

Summer Issue | page 23

IPAV Member

Opening a new lettings agency in the midst of a recession....

Despite the ongoing recession, recently two Dublin-born entrepreneurs, Fergal and David Madden opened a new lettings agency on Dublin’s North Wall, close to the O2. Property Professional editor Tim Ryan spoke to them....

IPAV’s new two year part-time Certificate in Estate Agency Practice has attracted many mature students who already work in the property industry or have plans to get involved in the future.

One of those who was immediately attracted to the course and who has now completed his first year is Fergal Madden, one of two brothers who own and run Madden Property Consultants (www.maddenproperty.ie ) , a new business based principally on residential lettings which was established in the Autumn of 2010. The company is based close to the O2 building in Dublin’s revitalised Docklands area and concentrates primarily on the areas of Dublin 1, 2,3 & 4.

While many auctioneering firms are scaling down, the Madden brothers thought it the ideal time to set up.

“We had noticed that the service provided by some agents in the field was of an inferior quality, particularly when it came to viewing times,” says Fergal Madden. “We got rid of the 9 – 5 mentality and our busiest time of the day is 5.30pm to 7pm when most would-be tenants are finished work. Many agencies will not show properties after 5pm or on Saturdays. We’ll go 24/7 if necessary!”

Fergal and his brother David have invested substantially in developing the website and virtual tours with commentary are offered on many of the apartments on offer.

Fergal Madden came to lettings from a marketing and IT background. He grew up in Portmarnock. Both parents came from the country, his mother from Cork and his father from North Tipperary. From them he acquired a love of sports, particularly hurling and today, aged 33, he still plays with the local Junior team of the Naomh Mearnóg club, the same club which also boasts current Dublin county hurler and All-Star Footballer Shane Ryan.

There were four boys in the family and his father always promised his sons that, if he gave them nothing else, he would give them a good education. Consequently Fergal was sent to Belvedere College from where he then went on to study for a Diploma in Marketing at Dundalk IT.

Fergal had by now bought an apartment in Kinsealy and having had poor experiences with letting agents, decided to set up a lettings agency with his brother David, one which would provide a top class service to both landlords and tenants. Repeat business was and is the agency’s aims. They acquired a licence and opened an office in the new Liffey Trust Centre on the North Wall.

As both directors had other business interests, they were able to invest in the company and resource it to allow it to grow and expand at a fast pace.

Today Madden Property Consultants offers a full management and letting service. They are happy to cater for any needs of the landlord and will try to tailor their services to individual requirements.

“Our biggest problem is acquiring stock,” says Fergal. “The letting market is very vibrant on both sides of the Liffey and we need more properties to fill our books. Letting them is not a problem.”

While the sales market has hit rock bottom, the lettings market continues to gain strength and this year rents have risen again. In the Dublin 1 area one-bed apartments are fetching around €950 per month while two-beds fetch around €1,050. Cross the river to Dublin 2 and one-beds there currently fetch €1,000 and twobeds between €1,100 and €1,200.

Recently Madden Properties were asked to take on their first sale – from an existing client for whom they had rented the property.

It’s a challenge to which Fergal and David are looking forward with great interest.

And meanwhile in between showings Fergal, this Spring, became engaged to his fiancé, Veronica Di Camillo, a qualified accountant and the couple plan to marry in August of 2012. While Ireland endures a recession, it’s never been a busier time for Fergal and David Madden…. *Full details on IPAV’s Certificate in Estate Agency Practice are available at www.propertycourses.com or by contacting Head Office on 01 678 5685.

Then, like many young men of his time, he decided to see part of the world at least and went to the United States for what he thought might be one Summer but remained for three years.

There he worked in all sorts of jobs, notably building sites, but enjoyed it immensely.

In 1999 he returned to Dublin and got involved in computers.

Initially he worked as a phone operator for Calyx but moved quickly onto sales and marketing. During this time he completed his Master Degree in Marketing by night and eventually set up his own company, Arion Online Backup. The company is committed to providing businesses with data backup solutions at an affordable and cost effective price (See www.arion.ie)

Fergal Madden outside his office Summer Issue | page 24

In the Dáil

IN THE DÁIL: The following is a selection of written Dáil replies to TDs in the new Dáil on topics of interest to auctioneers and estate agents: Mortgage debt Deputy Peter Mathews (FG, Dublin South) asked the Minister for Finance the amount of mortgage loans outstanding to the six Irish banks.

Minister for Finance (Deputy Michael Noonan): I assume that the six Irish banks referred to by the Deputy are the six banks covered by the Government Guarantee Scheme (Bank of Ireland, Allied Irish Banks, EBS Building Society, Irish Nationwide, Irish Life and Permanent, Anglo Irish Bank). I have been advised by the Central Bank of Ireland that the amount of mortgage loans outstanding to the six banks is €139 billion of which €73.2bn is for Private Domestic Homes (PDH) in the Republic of Ireland at end of March 2011.

The Deputy may also wish to note that according to the latest Central Bank of Ireland statistics, for the quarter ended March 2011 there were 782,429 private residential mortgage accounts held in the Republic of Ireland to a value of almost €116 billion. These figures include mortgages with other lenders not covered by the Government Guarantee Scheme.

Water meters Deputy Willie O’Dea (FF, Limerick City) asked the Minister for the Environment, Heritage and Local Government the timeline for the setting up of a new water company, the installation of water meters in domestic households and the introduction of water charges.

Minister of State at the Department of the Environment, Heritage and Local Government (Deputy Fergus O’Dowd): The memorandum of understanding between Ireland and the European Union and the International Monetary Fund commits Ireland to undertaking an independent assessment of the establishment of a water utility with a view to commencing charges for water services in 2012 or 2013. The programme for Government includes a proposal to create Irish Water, a new State company which will take over the water investment

maintenance programmes of the 34 existing local authorities.

It is my intention that the assessment of the establishment of a water utility should proceed as a matter of priority.

The transfer of functions from local authorities to the new State-owned water utility, as set out in the programme for Government, will require significant legal and administrative changes. The independent assessment will make recommendations for the establishment of the new organisational structure.

It is envisaged that the independent assessment will be completed by October this year. With the Minister, Deputy Phil Hogan, I will be preparing proposals for Government consideration. I will provide further information on a timescale for the establishment of the utility following that Government consideration.

The programme for Government also proposes the installation of water meters in individual households and the introduction of water charges based on usage above a free allowance, which is an important point. My Department is preparing a strategy to implement these proposals, including a strategy for the procurement and installation of meters. It is envisaged that the installation of meters will commence in 2012 to be managed by the new State-owned water utility.

Planning irregularities Deputy Willie O’Dea (FF, Limerick City) asked the Minister for the Environment, Heritage and Local Government if he will proceed with independent investigations into potential planning irregularities in a number of local authorities.

Minister for Housing & Planning (Deputy Willie Penrose): The planning review announced last year by the former Minister for the Environment, Heritage and Local Government, Mr. John Gormley, was intended to assess the application of planning legislation, policy and guidance within the development plan and development management systems at local level and to inform further policy

development in these areas. A number of planning authorities, representing a broad geographical spread of urban and rural areas as well as large and small authorities, had been selected to assist in the review of policies and practices by reference to several cases raised with my Department.

The programme for Government includes, inter alia, specific commitments to co-ordinate national, regional and local planning laws to achieve better and more co-ordinated development which supports local communities, to develop a coherent plan to deal with the issue of unfinished estates, and to ensure there is adequate access and participation by citizens and public representatives in decision-making and policy formation. The resources of my Department will be directed primarily towards supporting the implementation of the Government’s commitments in these areas. I understand the concerns of some of the public regarding some actions taken by individual local authorities. At present I am reviewing in detail a number of specific complaints, following the initiation of the process by the former Minister, Mr. John Gormley.

When this review is completed, I will issue a public statement outlining the complaints at issue, my response and any appropriate actions to be pursued in regard to further policy development and guidance, in line with commitments in the programme for Government.

Summer Issue | page 25

In the Dáil

Pyrite Deputy Clare Daly (Socialist, Dublin North) asked the Minister for the Environment, Community and Local Government the steps he will take to assist homeowners whose properties have heave inducing pyrite, in terms of the establishment of a taskforce into the quarries which sold the infill, or measures to get the Construction Industry Federation to deal with the fact that Homebond has insufficient cover to deal with potential claims; and the changes he plans to bring to the building regulations to ensure that this does not happen again.

Minister for the Environment, Community and Local Government (Deputy Phil Hogan): The current pyrite problems were first brought to the attention of my Department in mid-2007 and it acted quickly in taking appropriate action to address them.

Following an intervention from my Department, the National Standards Authority of Ireland (NSAI) published a new amended Standard Recommendation on the use of aggregates as infill for civil engineering and road construction work.

The new Standard Recommendation came into effect on 7 December 2007 and it addresses the quality standards of new homes and buildings in so far as problems relating to pyrite are concerned.

The Building Regulations set out the legal requirements for the construction of new buildings, including houses, and the related technical guidance documents provide guidance on how to comply with those regulations. The relevant Technical Guidance Document of the Building Regulations dealing with Site Preparation was amended to incorporate the revised NSAI Standard Recommendation.

In addition, I am aware that HomeBond, a private company which provides a ten-year structural guarantee for new houses, has

included the amended NSAI Standard Recommendation in their published 6th edition of the house building manual.

I attach a high priority to consumer protection in the area of quality construction of new dwellings and I have asked my Department to prioritise the formulation of policy proposals that will enhance compliance with, and enforcement of, the building regulations generally.

I consider that the actions I have outlined above are appropriate responses in light of my Department’s responsibilities and I do not think that the setting up of a task force is warranted or indeed would be useful in providing a resolution to the problem.

Undertaking remedial works to homes affected by pyrite is a matter for the parties concerned, namely the building owner, the relevant developer and the builder’s insurers. Where the construction of a building is the subject of a contract between the client and the builder enforcement is a civil matter.

I understand that following lengthy court proceedings in relation to a number of homes affected by pyrite in north Dublin, a settlement was recently reached and a trust fund established to enable remedial works to be carried out to those houses.

Other legal proceedings are currently in progress.

The Construction Industry Federation is a representative body for business involved in the construction industry and HomeBond is a private company. I have no function in relation to either of these bodies

Signage Deputy James Bannon (FG, LongfordWestmeath) asked the Minister for the Environment, Community and Local Government if he will instruct IPAV Convention photos

Former IPAV President John Shaw with IPAV President Padraig Smith Tullamore auctioneer John Mollin with IPAV President Padraig Smith

Summer Issue | page 26

local authorities to relax the regulations in relation to signage being used by businesses to promote their premises or businesses; and if he will make a statement on the matter.

Minister of State at the Department of the Environment, Community and Local Government (Deputy Willie Penrose): Section 254 of the Planning and Development Act 2000 provides for a licensing system for the placement of various structures and appliances on, under, over or along a public road, including maps for indicating directions or places. This licensing system enables a local authority to exercise control over the placing of structures on roads to prevent traffic hazards arising.

The Planning and Development Regulations 2001 prescribe the level of fees to be charged in respect of structures and appliances licensed under Section 254 of the 2000 Act. Schedule 12 of the Regulations prescribes a fee of €630 for an advertisement structure or €50 in the case of an advertisement structure, that is of a fingerpost type not exceeding 1 metre in length, consisting of a direction sign to indicate tourist accommodation.

Consideration is being given in my Department to reviewing this matter and the associated fees, in consultation with planning authorities.

I am also considering the introduction of an exemption from planning permission for temporary advertisements announcing any local event promoted or carried on for commercial purposes, similar to the existing exemption in place for communityrelated, non-commercial advertisement, subject to certain conditions and restrictions. Under section 262 of the Planning Act, the making of regulations to introduce such exemptions will require the prior resolution of both Houses of the Oireachtas.

Your Life-Your Business-Your Way!

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Last Word

May you live in interesting times

by Peter Brady, Chairman, IPAV Education Advisory Committee

My sources reveal that this often perceived Chinese proverb is in fact of English origin. And while it may appear a blessing on first reading, it is in fact the opposite. The implication or wish is for you to live in troubled times – in other words, may you experience much disruption and trouble in your life.

This is quite the opposite to what we read into the words on first encountering them. It would seem then that uninteresting times are more beneficial offering us tranquillity and peace.

The best of times, the worst of times By any measure it can be said we live in interesting times. Our world is full of upheaval – social, political and economic in nature. We are living in what can really be said to be (to quote a more familiar voice –Charles Dickens) the best of times and the worst of times.

The end of May, 2011 probably epitomises the best of times and will be remembered in Ireland for the visit of Queen Elizabeth of England, and President Barak Obama. While the visits afforded people relief from the despair and pessimism surrounding bail outs and banks, it did not last long. It was only a matter of time before the popular media reverted to the same old pattern of speculation about what was and was not said by politicians, economists and other experts. The discourse surrounding our present economic situation is not helping us escape it. Rather, the daily diet of negativity and doubt - fed to us by twenty four talk radio and news stations - is enough to drive one to the edge. These are the worst of times.

And so, dear reader, I have made myself a promise.

An avid radio listener, I refuse to listen anymore to sports people turned current affairs experts, ex politicians turned media gurus and the established sages of the national stations.

It is time to turn off, drop out and turn on to a new reality - to adapt the words of Timothy Leary.

End of an era And lest you detect traces of the ostrich putting its head in the sand here, I wish to confirm the opposite. The longing to live in ‘uninteresting’ times is palpable in this country. There is a certain kind of nostalgia apparent in people, a realisation that the

Summer Issue | page 28

Celtic Tiger was all tinsel and firecracker. We were corrupted by the free market philosophy and ‘lost the run of ourselves’.

In September, 1991, twenty years ago, forty-eight students registered with the Institute to pursue a course in Auctioneering and Estate Agency in Cork College of Commerce. Who would have thought, at that time, that forty-eight students would wish to follow a course in Estate Agency. It was pre bubble and could not be deemed the best time to contemplate such a career.

Indeed, concern was expressed by the then Executive Secretary about the future prospects of such a large number of young people. He need not have worried. I believe it is fair to say that IPAV graduates have succeeded in obtaining first class awards as a result of the Institute’s strong association first, with the University of Glamorgan, Wales and latterly with the University of the West of England, Bristol.

Built on solid foundations and sustained by a drive to deliver a quality education, the Certificate and Diploma programmes were successful beyond expectations. Students obtained first class qualifications and more often than not went on to complete post graduate awards. They found employment in the profession in which they were educated and this, as a colleague once told me, is sure proof that the education offered by IPAV was a relevant and successful one.

So we live in interesting times and as the last of the full time students on our Certificate and Diploma courses complete their examinations, we are now confronted with a similar challenge to that posed twenty years ago. Is this the end of the profession?

What of the future? Is there a role for professional representative bodies in the property industry as heretofore? Where will students come from and how can they benefit by studying with IPAV? When will the market recover and what kind of market will remain? What new skills will be required?

Troublesome questions at the end of an era.

Despair is a constant companion in these times but troubled times present interesting challenges and opportunities. It is time to begin a new chapter, sustained by the memory of the success that went before.

May we live in interesting times, indeed.

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