Banking Inquiry: Negative equity crisis ‘very very unfortunate’

Money being ‘too freely available’ lay behind property crash, says IPAV chief executive

Patrick Davitt, chief executive at the Institute of Professional Auctioneers and Valuers, appearing at the Banking Inquiry on Wednesday, May 13th, 2015.Patrick Davitt, chief executive at the Institute of Professional Auctioneers and Valuers, appearing at the Banking Inquiry on

The negative equity crisis is a “very very unfortunate” element of the economic crash, but property valuations were carried out on the basis of a specific methodology, the banking inquiry has heard.

Patrick Davitt, the chief executive of the Institute of Professional Auctioneers and Valuers (IPAV), has been giving evidence on Wednesday afternoon.

Mr Davitt told the inquiry there “isn’t anything different” today in relation to the methodology that is used to value property. He said there is a “standard practice” that is implemented by valuers.

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