Labour leader Pat Rabbitte said it was an outrage that auctioneers want to increase their fees by 33% because the housing boom is slowing down.

The Institute of Professional Auctioneers and Valuers (IPAV), which represents more than 800 agents, has said that commission rates are among the lowest in the EU.

He said: “This is a disgrace. After all the money they have creamed off in the last 15 years, they are thinking of putting up their fees by 33%.

“It is an outrage and the Government needs to act on it.”

However Taoiseach Bertie Ahern said the Property Services Regulatory Authority (PSRA) would be established in legislation soon and would act as a watchdog for auctioneers and estate agents.

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Posted: 02|7|07 at 9:37 am. Filed under: Auction News.