Will first time buyers ever see this pre-election promise come to fruition? If we see it being implemented, when will it happen, the first convening of the 31st DÃ¡il or the next Budget?
Perhaps the most important quesion for Pin analysts will be the effect of this on the market. Does anyone think that this might completely change the dynamics of the market? I.e, instead of “getting on the ladder”, people are simply going to hold off buying until they get the “dream house” and not have to pay any Stamp Duty on it? Will we see more incidences of people engaging in fraud in order to avoid Stamp Duty?
I’ve been wondering about that myself and trying to do some maths. If you’re a FTB and you pay no stamp duty on any size first purchase, is it really in your best interest to buy a so called starter house? Like you say, there may be significant savings for a FTB in holding off purchasing until they get to make their largest purchase. I could see properties sold as starter houses and apartments losing value because of this, once again screwing those who bought in the past few years.
The other impact will be to find Mammy and Daddy buying big houses through their children.