ANOTHER budget run-up, another slowdown in second-hand house sales — thanks to the annual political muddying of the waters with regard to stamp duty on sales.
Having cajoled a house sale to the line in the last few months, the vendors of an east Cork home saw their vendors disappear when the red herring of stamp duty abolition (to be replaced by a suggested annual property tax) cropped up again last month, says auctioneer Anthony O’Regan of Keane Mahony Smith.
“This had the usual effect in that any purchaser about to invest has now decided to stand back and await further developments.”
In this case the interested party has decided to take “time out” and wait, he notes.
But, rather than weep into their contracts, the vendors have decided to be pro-active — they will pay the stamp duty costs of €33,000 themselves, to get another buyer over the line. The property in question is the modern family home Bakers Close, near Killeagh. It already took a price reduction, and was reduced to €599,000, and was selling just a bit short of that sum, said Mr O’Regan of KMS. For that, what is offered is a detached five-bed quality home, to a high specification, on 6.5 acres with two stables, plus garage, and landscaped gardens. It has solar panels, a bored well, plus provision for a wind turbine.
“The vendors are adamant that they need to realise a sale and are now offering the novel “carrot” of paying the purchasers’ stamp duty, in order to remove the doubt that all purchasers have and enabling them to complete a purchase in the knowledge that there are no hidden pitfalls,” said Mr O’Regan.
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