The case for full disclosure

The RICS are calling for price-paid information to be available on the Land Register in England to allow a more accurate valuation of property. A study found that property valuations were only correct to within 9.53%. Valuation authorities often withhold information for no apparent reason and councils can claim commercial confidentiality to keep agreements secret. Bringing the price-paid information into the public arena would assist the property market but the Law society states that it would have implications in cases of fraud and may effect bargaining procedures when a property is resold.