Thursday 6 December 2007

Cowen delivers for young families looking to trade up

National Property Group, Real Estate Alliance, has welcomed the Minister for Finance, Brian Cowen’s move today to reinvigorate the property market. Commenting on today’s budget Healy Hynes, recently appointed Chairperson of Real Estate Alliance and Director of Hynes Real Estate Alliance in Athlone, commented, “Minister Cowen’s budget should be welcomed by the property industry, home owners and those seeking to buy property as a step in the right direction. The relatively flat model of 7% stamp duty up to the value of €1 million was necessary to rid the market of the artificial values set by the previous stamp duty thresholds where buyers were being severely punished if they went over a threshold.”

“Today’s announcement will help to reinvigorate the property market after a slugish 15 months. Minister Cowen understands that what is required in the property market in the current climate is confidence. Confidence that has been slowly eroded since the debate about stamp duty changes began almost 15 months in advance of the last budget. With Budget 2008 Minister Cowen is bringing the process full circle by putting confidence back into the property market”, Mr Hynes commented.

He continued, “Real Estate Alliance members have noted that the changes to stamp duty are geared towards young families and those looking to trade up, particularly in the Dublin region where prices are traditionally higher for family homes. The greatest savings will be for those purchasing a houses valued between €350,000 (saving approximately €5,250) and €400,000 (saving approximately €10,750). As the Dublin property market has been the hardest hit in recent months Minister Cowen seems to be seeking to reinvigorate this market most.”