OK, they finally arrived but did they go far enough? The stamp duty changes put forward are a great help to a specific category of first time buyer but no one else will really benefit. What a shame…
The majority of beneficiaries will be urban-based, particularly in Dublin. There will be a limited effect outside of the main urban centres. On the plus side, the government is at last recognising some of the unfairness of this tax.
In advance of the recent election, only the Fianna Fail party stated that changes to the tax would be limited to first time buyers. The other main parties promised more wide ranging reforms that would positively impact on those trading up or trading down.
More help for families moving up to their second home would have been welcome. This is the level when properties outside of Dublin really to begin to be affected by the tax. Also, many retired homeowners would consider trading down to a smaller house in order to increase their retirement income. However they are put off by stamp duty costs.
In the meantime, keep talking to your local public representatives. This tax is too penal and has many undesirable side effects.
