Mairead McGuinness MEP for Offaly and Vice-President of the European Parliament has commended IPAV, the Institute of Professional Auctioneers & Valuers, for introducing a new European property valuation standard into Ireland.
By Damian Moran
This standard guarantees a minimum level of education and experience and enables valuers to demonstrate professional competency and independence when conducting residential valuations.
MEP McGuinness presented a certificate to John Mullin of Mollin Estates, Tullamore. Also present at the event in Dublin was IPAV President Eamon O’Flaherty.
In total she presented valuation certificates to 57 valuers who have successfully undertaken a course of study to achieve TRV qualification as residential valuers from the European Group of Valuers Associations (TEGoVA).
She congratulated the auctioneers saying: “Continuous professional development is essential for anyone wishing to progress in their profession. Achieving this standard ensures that as a residential valuer you are qualified to a consistently high European standard of practice. That is critically important for those buying and selling properties and for lenders funding property purchases.”
The qualification is recognised as a reliable international standard by the Central Bank of Ireland and the European Central Bank and arose as part of the implementation of the Mortgage Credit Directive recently transposed into Irish law.
Ms McGuinness said a single European market for mortgages doesn’t yet exist which means that Irish mortgage holders don’t benefit from the low interest rates that their European counterparts enjoy. “This must be addressed by the new Irish Government, “ she said.
The European Group of Valuers Association (TEGOVA) provide a European pool of trained residential property Valuers to provide an impartial and objective valuation.
The certificates awarded recognise the work of the Residential Valuer who completes valuations to the European Valuation Standards of what is termed the ‘Blue Book’.
Irish Financial Institutions will only accept Valuers who demonstrate professional qualifications.
IPAV’s Chief Executive Pat Davitt said: “By achieving this standard valuers’ can demonstrate professional competency and independence from the credit underwriting process. This is important because it underpins impartiality and objectivity in the process and gives confidence to all concerned.”