Rise in first buyers expected after Irish stamp duty ends
More first-time buyers are expected to boost the second-hand housing market in Ireland next month after the new government delivers on plans to abolish stamp duty.
It is now clear from Fianna Fail negotiations with possible coalition partners – the Greens, PDs and Independents – that there are no obstacles standing in the way of getting rid of the tax.
The legislation is expected to be passed within the next fortnight, presuming the new government is formed next Thursday.
Taoiseach Bertie Ahern has given his personal commitment that stamp duty for first-time buyers will be abolished straightaway.
Aside from several increases in interest rates, uncertainty over the Government’s intentions on stamp duty is being blamed for the fall-off in numbers taking out mortgages.
The European Central Bank (ECB) yesterday announced another 0.25pc rate rise but, more ominously, signalled there may be a few more to come.
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