Ireland's Martin supports scrapping stamp duty for first-time buyers

Ireland's Taoiseach Micheal Martin said he has a "favourable disposition" in scrapping stamp duty for first-time buyers.

Martin backed the proposal by Fianna Fail housing spokesman Seamus McGrath, who has sought the removal of the tax for first-time buyers in October's budget.

Stamp duty is based on the value of the property, with buyers paying 1% of the purchase price up to one million euro and 2% over one million.

Martin's support for the proposal is at odds with Tanaiste and Minister for Finance Simon Harris, who ruled out the idea earlier this year.

Martin said the issue "still falls for discussion".

"Well, I have a favourable disposition towards it, and Seamus has raised that, and I've spoken with that. That's an issue that still falls for discussion.

"Although I would say, if you look at the figures, we have made a big difference for first-time buyers with the Help To Buy scheme and with the Shared Equity scheme, and the First Home scheme.

"The numbers now drawing down mortgages is hugely skewed in favour of first-time buyers compared to the percentage of those drawing down mortgages.

"The number of first-time buyers far higher now than would have been four or five years ago, substantially higher.

"I'm just simply giving my view, but obviously there's lots of issues on the table.

"Not all of them will make it over the line, but I think it was a reasonable proposal by Deputy McGrath."

By Cillian Sherlock and Cate McCurry, Press Association

Press Association: News

source: PA

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