Government under pressure to change stamp duty in Budget

The Government is facing increased calls for changes to stamp duty in Wednesday’s Budget.

The Minister for Finance, Brian Cowen is under pressure to change what’s being termed as an "outdated structure".

IFG Mortgages said the rates are acting as a deterrent to would-be families.

Managing Director Trevor Grant believes recent interest rate increases are now putting newlyweds under huge financial strain.

Mr Grant is hopeful Minister Cowen will look kindly on people planning on purchasing property.

"We think it's important that the minister facilitates the purchase of property by people trading up," he said.

He said a number of first time buyers can only afford one-bedroom apartments, which makes it extremely difficult if they decide to raise a family in the future.