'Concerns' over impact of 24/7 online bidding for homes
Psychiatrists are to be asked for their opinion on the impact of online bidding platforms for homebuyers.
Government minister James Browne expressed concerns over the potential impact of 24/7 online bidding platforms on homebuyers. He explained that, drawing from his past role as a junior minister with responsibility for gambling, he is familiar with the dangers of impulsive decisions made under pressure. Browne stated that he would seek the opinion of psychiatrists regarding these concerns.
A recent study by the Economic and Social Research Institute found that overbidding is a common characteristic of homebuying in Ireland, particularly in open auctions where competition drives prices up. While participants in the study favored the perceived fairness of online systems, their behavior in auctions suggested that such open systems could lead to higher property prices.
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