Stamp duty changes hit first-timers hardest

ESTATE agents Savills have pointed out that although the many merits of the Government’s changes to the penal stamp duty regime have been widely commended following the budget announcement, a thought must be spared for those potential first-time buyers who have now been brought into the net.

Director of Residential at Savills Ireland Ronan O’Driscoll said he welcomed the changes for the market because the new rates would undoubtedly help. “The previous rates were penal, particularly for larger properties, and we should start to see some more movement at the top end of the market as a result,” Mr O’Driscoll said.

“It is however unfortunate that first-time buyers have been hit with stamp duty,” Mr O’Driscoll added.