Fine Gael has urged the Government to abolish stamp duty for first-time buyers purchasing second-hand homes up to €400,000. Martin Wall reports.
The party spokeswoman on equality, social and family affairs, Senator Sheila Terry, said that no stamp duty should be payable on such properties.
Since the abolition of the first-time buyer's grant nothing had been done by the Government to help young people to buy their own home.
The problems being faced by many young couples were particularly acute in Dublin where prices continued to escalate beyond their reach.
"It is high time first-time buyers were incentivised and not penalised when seeking to get their foot on the property ladder", Senator Terry said.
She also called on the Government to review the rate of stamp duty payable by families who were not first-time buyers, purchasing second-hand homes.
"Families moving to larger homes because of a growing family or who are relocating in their job are penalised when buying second-hand properties", she said.
Senator Terry said that at the moment these families paid the same level of stamp duty as property investors.
"Families are paying 9 per cent stamp duty on second-hand properties over the value of €635,000 while the person who is investing in a property for commercial reasons pays the same stamp duty".