Simon Harris rules out removal of stamp duty for first-time buyers

Tánaiste Simon Harris speaks to the media as he arrives for a Cabinet meeting at Government Buildings in Dublin. Picture: Brian Lawless/PA

Tánaiste and finance minister Simon Harris has ruled out removing stamp duty for first-time buyers in October’s budget.

Fianna Fáil backbencher Séamus McGrath had previously sought the removal of the tax for people seeking to get on the housing ladder, saying its imposition was “totally inconsistent” with Government policy.

Asked directly if he was considering the removal of stamp duty for first-time buyers, Mr Harris said he would not.

“No is the short answer to that,” Mr Harris said.

“Ideas are always good in politics, but the last thing we need to do — and I’m sure no one’s intending to do this — is inject any uncertainty into the housing market.” 

Mr Harris said that in the distant past, individuals made comments about what might change in the budget and this led to a fall in property transactions.

Taoiseach Micheál Martin had previously signalled that the Government would engage on removing stamp duty for first-timer buyers. “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,” he 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.” 

Mr McGrath has said that around €60m was generated by 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 the First Home scheme unavailable for second-hand properties.

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