Auctioneers have welcomed the changes in Stamp Duty for second-hand residential properties introduced in Budget 2008.

The Chief Executive of the Institute of Professional Auctioneers & Valuers, Fintan McNamara, said the changes were a positive move in the right direction. He said he hoped the changes would generate activity in the current flagging market.

“The reduction to just three rates of Stamp Duty simplifies the system dramatically and provides significant savings for non-first time buyers purchasing second-hand homes,” he said.

Mr McNamara said a couple now purchasing a second home at the current average national house price would make a saving of €5,052 while purchasers of an average second-hand home in Dublin would make a saving of €11,119.

“While IPAV would like to see the abolition of the 9% rate outright, this is the first radical change to the Stamp Duty regime in many years and one which we very much welcome,” he added.

Mr McNamara also welcomed the increase in ceiling on mortgage interest relief for first time buyers as promised by the Minister and the increase in the threshold for the rent-a-room scheme from €7,620 to €10,000, something which IPAV had strongly lobbied for in their Budget submission.

“This move, while it could have gone further, in our view will help to ensure the supply of this type of rental accommodation,” he added.

Ends

For further information please contact:

Fintan McNamara on 01-6785685 or
Tim Ryan Communications on 087-2471423