Chambers of Commerce call for change in stamp duty regime

John Dunne from the Chambers of Commerce has called on Minister for Finance Brian Cowen to change the stamp duty regime in this years' pre-election budget.

The property tax adds thousands to the cost of a second hand home for many hard-pressed savers.

It had been hoped that Mr Cowen would offer some form of stamp duty rebate, but earlier this week he said he didn't want to interfere in the property market.

Mr Dunne said the Minister could allow buyers to borrow the amount they need as part of their mortgage.

“Stamp duty represents such a large upfront cost at a time of maximum exposure when you're buying a house,” he said.

“It would be much better to capitalise the cost and then to link it to a mortgage and then pay it back in instalments. That does have certain attractions as a model.

“It certainly makes it easier for people to get into the housing market and get up the housing ladder.”