Press Release: Environment 19 February 2007

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McDowell's stamp duty plans will fuel price rises and do nothing for first time buyers

– Tánaiste has thrown his hat into the 'auction politics' ring, says Cuffe

Green Party Housing spokesperson Ciarán Cuffe TD said: "Such a cut to stamp duty is aimed at property developers, not first time buyers. This debate requires a degree of sophistication above and beyond the crass sound bites emanating from the Tánaiste. Reform of the property market is not served by populist headline grabbing stunts – it needs to focus on real tax reform. Across the board cuts to stamp duty will do nothing to help first time buyers. It is the area of thresholds that need most attention.

"It is extremely telling that Finance Minister Brian Cowen responded this morning by saying that the Government's policy on stamp duty was agreed between the coalition partners at the time of the Budget last December and will remain unchanged. That is hardly a ringing endorsement of his coalition partners' populist stunts.

"The Green Party has previously proposed the more practical measure of exempting from stamp duty older people who wish to trade down to smaller housing. This would allow 'empty nesters' to move into accommodation more suitable to their needs and simultaneously free up more family-sized housing units. This proposal would relieve housing pressure in older suburbs.

"The PD's proposal would simply cause house price inflation for first time buyers," concluded Deputy Cuffe.