Time for building sector to feel buyers’ pain

WAS the Construction Industry Federation really hamming it up during the week when it warned the number of houses built next year could fall to 45,000?

This warning came wrapped in the CIF’s annual review of the construction sector and was followed up by a call from the powerful building lobby for a cut in stamp duty on houses from 9% to 5%.

One cynical economist described the review as nothing short of a pre-budget submission and said the chances of the CIF having its demand met were pretty slim. He saw it as a cynical attempt to panic the Government into cutting the top rate of stamp duty to keep the gravy train it has enjoyed for this past 10 years going on interminably.