Budget brings Irish property 'in line with international norms'

Estate agents, Sherry FitzGerald, have welcomed the announcement of a reduction in the rate of stamp duty on residential property.

Marian Finnegan, Chief Economist with Sherry FitzGerald said: "This is undoubtedly good news for the property market. The penalising rate of stamp duty applicable in the housing market has for too long acted as a barrier to entry into the established property market and was in effect a tax on mobility. This new simplified approach now brings Irish property in line with international norms and should facilitate greater transaction levels."