Browne ‘Concerned’ About Impact of 24/7 Online Home Bidding

Housing Minister James Browne says he is concerned that round-the-clock online bidding could push people into decisions they would not make in daylight.

Speaking at the Fianna Fáil think-in in Tullamore, County Offaly, Browne said he was familiar with the dangers of “impulse movements” from his time as a junior minister responsible for gambling. “That impulse is quite dangerous for people, you know, especially if they feel under pressure and not being able to kind of and put themselves into situations that at 3am in the morning that they might in the light of the day put themselves into,” he said.

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That impulse is quite dangerous for people, you know, especially if they feel under pressure and not being able to kind of and put themselves into situations that at 3am in the morning that they might in the light of the day put themselves into.

Browne said he would ask psychiatrists to assess the impact of online platforms on homebuyers. “Instinctively, I would have concerns, but I need to look into it,” he said.

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It's not something I've looked at, but it's certainly something I will.

His comments follow research by the Economic and Social Research Institute into “auction fever” among Irish homeowners and prospective buyers. In simulations of different bidding systems, participants generally bid more in open auctions, including those conducted through estate agents and online platforms, than in sealed-bid auctions. They were also more likely to exceed their original budgets and bid above what they believed a property was worth.

The researchers said open competition can raise prices, consistent with theories that competitive settings encourage people to beat others and that losses weigh more heavily than equivalent gains. Participants viewed online systems as transparent and fair, but their behavior suggested that open formats could still push prices higher. Browne has also said he is open to reviewing stamp duty to improve affordability, while Taoiseach Micheál Martin has expressed support in principle for abolishing it for first-time buyers without committing to action in the next Budget.

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Instinctively, I would have concerns, but I need to look into it.