FF's Stamp Duty Reform, Implications?

The Promise.

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 Dáil 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.

I don’t think it’s a very well thought out idea.

You might be right about the first convening of the 31st Dáil as that would give them about 5 years to do nothing :smiling_imp:

How much would this cost? It is a shocking waste of tax payers’ money. If they do this I resolve to cease paying tax in this coutry.

I know a HUGE amount of people who live and own property abroad and all intend buying in Ireland as FTB’s when they return. Risky, but very tempting.

Heard on the radio this morning that the Dept of Finance was nearing finalizing legislation for the abolition of stamp duty for FTBs and this would be ready by the 14th of June

Edit: Link to an article in the Indo

Dept drafting law to implement FF stamp duty proposals

How can they do this as interim governmnet if one has not be signed into being by the president?

One minute, you say the public sector doesn’t work hard enough, then when we’re caught doing a bit of work, you say don’t do it…

Ah jaysus! :unamused: