One reason prices of family homes are high is that there are shortages in certain areas. Stamp Duty is a disincentive to downsizing. In the end you get an older person in a big house that don’t suit their needs. If there wasn’t stamp duty, maybe more people would downsize.
If you’re trying to tell me that someone in a house worth €1 million+ with probably no mortgage won’t move because they have to pay 4-5% on a much smaller amount then i say their greedy fuckers, who definitely shouldn’t be subsidised by the state.
If however you said they’ve lived there all there lives and don’t want to move, i’d say grand thats their business.
A property tax would have the same effect. I’m not saying it’s the right option but to highlight that those calling for “stamp duty reductions to help free up houses for families” are really calling for this to help themselves, not families.
Yeah, and if you’re a FTB, there’s no stamp duty. That’s fair in my opinion – you get one leg up to help you root yourself in a community, get married, start a family etc. Why all the concern for middle-aged people all of a sudden? And besides, I’d say this whole ‘down-sizing’ lark is over-stated. Very few people downsize. If you’ve reached 50+ you’ve become settled in your ways and moving house is not something that you’re likely to consider (especially if you’ve fond family memories). My gran for example lives on her own in a 4-bedroom house in Clontarf on her own. There are thousands of people like her all over Ireland. “Downsizing” is a marketing ploy designed to lure old people with money.
And another thing, if you are downsizing, it is likely to be to a luxury nursing home (that’s what I plan to sell my house for when it comes to it) or a permanent hotel room. There’s no stamp duty on them. If you own a million quid house outright, when you sell it, you get a million quid in your pocket to do with as you like no questions asked.
Edit: I believe the greens policy was to allow people to get reduced stamp duty if they were upsizing (if due to increased family size they had outgrown their current housing).