Irish builders & auctioneers welcome stamp duty reform
Published December 6th, 2007
The Irish Home Builders’ Association has welcome the Budget move to reform stamp duty. The IHBA’s Director Hubert Fitzpatrick said that the stamp duty measures will result in a saving of €10,750 on a house priced at €400,000.
‘Reform of stamp duty should, given the very good value currently in the market, help improve confidence and contribute to increased transactions. The housing market had stalled and in such a market few people were willing to pay the penal rate of stamp duty when moving home,’ he added.
The stamp duty measure has also been welcomed by the Irish Auctioneers and Valuers Institution who said it would restore certainty to the market. But it cautioned that the stamp duty rates of 7% and 9% both remain high compared to international rates.
