Auctioneers welcome stamp duty reform as a 'boost'

Today the Irish Auctioneers & Valuers Institute has welcomed the announcement by the Minister of Finance Brian Lenihan to reduce the level of stamp duty on residential property.

The duty will fall to 1% on properties valued up to €1m and 2% on sums in excess of this figure.

According to Simon Ensor of the IAVI National Council: "Stamp duty reform is long overdue and we hope it will provide an impetus to the market.

While these reductions will be good for the market they may prove to be a disincentive for first-time buyers who were exempt from stamp duty on all new homes and up to €150k on second-hand homes. The minister indicated that all stamp duty related reliefs were being abolished.

"The development of a National Property Price Register is crucial to ensure transparency in the market and we welcome the minister’s commitment to this critical measure. Today’s measures together with the recent National Recovery Plan to introduce an annual property tax will provide the market with greater certainty," he said.