First-time buyers may be set for stamp duty relief

Taoiseach Micheál Martin said any decision on stamp duty relief would form part of October's budget

Fianna Fáil housing spokesperson Séamus McGrath called for the reintroduction of stamp duty reliefs for first-time buyers, saying the current position was 'totally inconsistent' with other supports for first-time buyers.

The Government will consider stamp duty relief for first-time buyers in October’s budget, the Taoiseach has said.

Micheál Martin said the Coalition would engage on removing stamp duty for first-time buyers, alongside other supports to help people get on the housing ladder.

“That [stamp duty] would fall for a budgetary consideration and I think we will engage on this at Government level, give consideration to that alongside other supports for first-time buyers,” Mr Martin said.

I understand the motivation here. We want to enable people to be in a position to buy houses and obviously affordability is a key factor.

He was responding to Fianna Fáil TD Séamus McGrath, who called for the reintroduction of stamp duty reliefs for first-time buyers, saying the current position was “totally inconsistent” with other supports for first-time buyers.

Speaking in the Dáil, Mr McGrath said about €60m was generated from stamp duty from first-time buyers in 2024.

“That is a very high figure and it further highlights the burden that is placed on first-time buyers through stamp duty,” Mr McGrath said.

He highlighted supports were only available for those seeking to buy new homes, with the likes of Help to Buy and First Home scheme unable to be used for second-hand properties.

“When first-time buyers are purchasing second-hand homes, there is effectively no support in place,” Mr McGrath said.

The Fianna Fáil housing spokesperson said previous reliefs were abolished in 2010.

Mr Martin said it was a “very important issue” and the Government was focused on alleviating pressure on first-time buyers.

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The Taoiseach said any decision on reliefs would be made as part of October’s budget.

He said finance minister Simon Harris was considering reforms to the tax treatment of the First Home scheme.

Mr Martin said there were a range of other measures available to people to assist with buying homes, including affordable purchase schemes, local authority purchase renovation loan, and vacant property grants.

Mr McGrath said it would be “only fair and equitable” to remove stamp duty for first-time buyers.