The “aggressive social housing spend” in today’s budget was welcomed by the Institute of Professional Auctioneers and Valuers which represents almost 1,000 auctioneers nationwide.
Chief Executive Pat Davitt said the measure, along with the removal of the 80pc windfall tax “will help lift off some of the extreme factors impacting and distorting the property market and assist in the development of a more sustainable market.”
He said the removal of the 80pc windfall tax would mean that those selling land would be subject to a “far more realistic 33pc Capital Gains Tax.”
However, Mr Davitt said the effort to help First Time Buyers (FTBs) with DIRT relief would have “very limited impact since interest rates are extremely low in any event”.
“If this is intended to offset some of the pressure that will come on FTBs as a result of proposed borrowing restrictions by the Central bank it will have very limited effect.”
“First time buyers are going to struggle to get onto the housing ladder, particularly in Dublin, if the Central Bank insists on implementing a 20pc deposit requirement.”
Mr Davitt welcomed the rent a room tax exemption being lifted to €12,000 something IPAV had proposed, and other measures to improve housing supply.
“It is disappointing that a vacant site tax has not yet been introduced but it may yet happen,” he said.