CIF - Calls for Stamp Duty cuts...

Is stamp duty not mainly on second hand properties? I know there is something for new builds above 125 sq m or something like that.
How does reducing stamp duty help the construction industry? Surely having a high stamp duty on second hand properties is an incentive for people to buy new homes (from the construction industry) and so it is in their interest.

What am I missing?

I think the builders are gunning for a removal of stamp duty for investors. Investors comprised 20-30% of the market until recently and hoovered up a lot of the new build output. Now that they (investors) have scarpered, builders are left at the tender mercies of hard pressed first time buyers. Who are not able to avail of ‘equity release’ (misnomer), to buy all these new homes. So the builders are pineing for the good old days of rampant speculation and want Bertie to sort it.

ps
Nice post Who’ll take the rap?

There ya go.

askaboutmoney.com/showthread.php?t=63336

Thanks for that.
As I thought. Weed.

It’s amazing how similar the language is to the Dot Com speak just before it all collapsed. Don’t worry if the company is making a loss. Old fundamentals don’t make sense in this environment. Everything will work out.

-Rd

The CIF are threatening in their diva demands. “We built a lot very quickly, we’re agile in reducing our output”

Who is mr two-bit developer and why does he think that the whole Irish economy can be held at gunpoint. can’t wait until they throw the james Cramer style hissy fit on TV.

McInerney are down 20% because they’re building 20% less homes.

there’s no social contract that guarantees that mr two-bit developer becomes a multi-millionaire. it aint in the constitution.

Was half asleep at the time, but they were discussing CIF statement, Gilroy said that Patt Okeeffe had issued figures showing a 7% rise in house prices., and that the number of new builds was far higher than the CIF suggested. I assume they will go back to this at 8.35am

I half heard that too! what was all that about? Anyone got a source?

I don’t have a source, but they were talking about Q2 prices being up 7% year-on-year.

The YOY figures from ESRI are 5.1%, 2.6% and 0.9% for Apr, May and Jun respectively, or 2.9% on average. So it’s no surprise that they were saying Q2 prices were higher.

Perhaps ESRI understated the rise, in the same way they’re now understating the fall.

Perhaps this is where he got the 7% figure…
boards.ie/vbulletin/showpost.php?p=54093536&postcount=3414

The NEW properties are 7% more expensive year on year, not all properties.

Maybe it is because 2nd hand houses do not come crammed with new fitted kitchens, 42 inch TVs, gym membership and a year long contribution to the mortgage payments.

Or maybe these people signed up for those places 18 months ago, but only paid for them on completion. So the price increase is based on what people agreed to pay 18 months ago, before the the market turned. 2nd Hand houses tend to reflect the price now, rather than the price 18 months ago.

what was not reported yesterday, but was in today’s indo was that the builders were deamnding that the govt borrow to the hilt on infastructure projects.

not only are the two-bit developers threatening to take away the govt’s cu from the sale of houses, but they’re demanding that the govt borrows recklessly to build the infastructure.

Dear mr two-bit developer, how about compensating the govt for all the non-poured concrete you billed them for!

Apologies in advance to all here for my following rant because I am too lazy today to make any real contribution to the debate, so here goes;

EDIT: Removal of offending material

:imp: :imp: :imp: :imp: :imp: :imp: :imp:

Sorry about that but I must say I feel much better now 8)

OW Edit: While we understand your raw feelings on these issues, this is a warning joblack, don’t do this again nor drag the pin into a potential areas of liability.

Leave it Jo. This is a forum not a public stock and pillory .

“Country Tom Parlon” …to mix a metaphor coined by the man himself…will dig plenty of holes in the next two year for himself and for the CIF .

You will get plenty of opportunities to nail Tom. Do remember that Tom was an idealogue for low levels of state intervention and for reductions in income tax…as a PD TD and as the junior minister for decentralisation .

Now he wants the same taxpayer to provide the entire CIF membership with a €20bn dig out…or is that €30bn .

Just throw the PD manifestos from 2002 and 2006 at him, he endorsed them wholeheartedly after all .

tax cuts that deliver a world class fire service in the commuter counties.

World class ambulance and police too!

Good points but I gave up a long time ago trying to converse with bulls, VI’s and there ilk. I like many others here have been banging on for years about the merry path these people have been able to dance, with impunity and foist one of the biggest scams in history of this nation on a generation that for the most part did’nt know any better. I just wish sometimes that we as a nation could collectively be a bit more freethinking and rebellious and tell these people where to go.

The cruel irony of those singled out in my rant is that they, with the exception of herd, that profited the most from the boom will suffer the least in the downturn. Sadder still is that the herd will swallow their crap all over again on the way down except this time it’s the stamp duty thing again or the doomongers that are to blame. Nothing about the fact that we have the highest house prices in Europe in one of the least populated countries and that we are at the edge of an abyss that no one seems to see but for a small minority just makes my blood boil.

The fact that the same people will be at the trough again during the downturn is lost on many people and that is why today when I made my initial post to this thread I had a moment of weakness and rather than join the debate properly or contribute I went on a bit of a heckle because of my anger.

I apologised to OW for this as I don’t want to get the site in hot water with the murky forces of the VI’s as they are as we know looking for scapegoats and I certainly don’t want to be responsible for giving them a stick to beat us here with. So I will try to count to 20 in future and instead look forward to the more financially and economically minded here to continue to blow holes in their arguments and spin.

Pressure is on to slash stamp duty

Sindo

Here we go again, all the VI’s can jump on the bandwagon and blame stamp duty uncertainty until December |O

If it makes them feel better …

Abolition of duty gets the stamp of approval

WTF! What is this Guy Smoking? :angry:

Sindo

They are kidding themselves if stamp duty abolition for trade downers will ‘rescue’ the market.
It will certainly help an area that needs reform(my own mother is in this scenario) but it won’t help affordability for prospective buyers to bring people en masse back!