Speaking out against the use of the controversial Advised Minimum Value (AMVs), which many Irish estate agents have been using since earlier this year, Hogan suggested that it isn't necessary to put a price on an auction property as the market naturally sets the value.

Hogan criticised the AMV system which has largely replaced the old auction guide price, and which was introduced as a means of setting a more realistic price on auction properties.

"Recent months have seen the replacement of guide prices in the sale of property by auction with AMVs, but with similar results, " said Hogan, speaking at his inaugural address at the SCS Annual General Meeting.

"There is no need for such AMVs, as the Society of Chartered Surveyors only believes that they serve to drive the market and do not protect the consumer. The AMV appears in the majority of cases to bear no resemblance to the actual price received at auction."

He added that while the intention of the AMV was good, their introduction had served no purpose other than to rename the guide prices.