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Stamp Duty cut to 1% for up to 1million

  • 07-12-2010 4:31pm
    #1
    mathie
    Registered Users, Registered Users 2 Posts: 5,103 ✭✭✭


    Was it 7% for an amount over 125K?

    "to stimulate the property market" Lenihans words.


Comments

  • #2
    smog
    Registered Users, Registered Users 2 Posts: 613 ✭✭✭smog


    Absolute rubbish .. hard enough for first time buyers to get on the market.

    Now house prices potentially start going up again by 6% (7% down to 1%)
    And also they are subject to the 1% which is several grand.

    This is just a way of taxing the new to the market, while letting the buyers of mansions pay less :mad:


  • #3
    robd
    Registered Users, Registered Users 2 Posts: 951 ✭✭✭robd


    smog wrote: »
    Absolute rubbish .. hard enough for first time buyers to get on the market.

    Now house prices potentially start going up again by 6% (7% down to 1%)
    And also they are subject to the 1% which is several grand.

    This is just a way of taxing the new to the market, while letting the buyers of mansions pay less :mad:

    First time buyers use to pay 0% not 7% as they had an exemption. This exemption has now been removed so now they pay 1%. Recent report from IBF said 45% of buyers are FTB's. Also new houses under 125sqm had an exemption too. This has now been removed so buyers pay 1%.

    This only benefits trader uppers or landlords buying a 2nd hand house. A large proportion of trader uppers are likely to be in negative equity and can't move anyway. Not many want to be landlords knocking about these days. Also trader uppers require a FTB to buy property off them.

    This is a balancing of the market for things to come in my opinion, rather than a stimulus, and a good thing. Property tax will be introduced soon which will make owning much more expensive.


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