Auctioneers group welcomes stamp duty move
The Irish Auctioneers & Valuers Institute (IAVI) has warmly welcomed the Government’s decision to eliminate the Stamp Duty paid by first time buyers through the Finance (No. 2) Bill 2007.
“The tremendous uncertainty on stamp duty that buyers have faced since the end of 2006 undoubtedly caused many buyers to delay decisions to purchase,” said IAVI chief executive Alan Cooke.
“This decision removes all doubt on stamp duty and buyers can now commit to their intended purchase with certainty.”
“Now that first time buyers face no stamp duty, confidence will be injected into the entire market, which is driven from the bottom up in that equity released by the sale of homes to first time buyers is primarily used to buy more expensive properties and the money thus released moves up the property latter.
“We therefore expect all market sectors to benefit from this decision.”
The IAVI represents the property profession in Ireland and has more than 2,000 members from across the property sector, throughout the 32 counties.
The majority of Irish property transactions are conducted by IAVI members.
