First-time buyers gain most from provisions

THE troubled property and construction sectors were neither rocked nor shocked by the measures announced in Budget 2009.

First-time buyers get a slight mortgage interest relief increase, rates of commercial stamp duty in that moribund market sector are reduced from 9% to 6%, and owners of second homes and residential investments will have to pay an annual €200 level to local authorities.

Any intending house buyers expecting a budget incentive to get off the fence won’t find any big stimulus to move just yet, but the simplified shared ownership scheme for first-time buyers and easing of access to mortgage funding for first-time and affordable house buyers through the Housing Finance Agency and local authorities has been welcomed (see homechoiceloan.ie).