Stamp Duty on West Cork Property
In the West Cork Property scene, stamp duty plays a very important part in the market, just as it does everywhere else in the State.
With legislative elections looming in Ireland (During the summer on a working day, which should ensure minimum turnout), stamp duty has become an issue so hot that it almost defies credibility. Back in September, Minister Michael McDowell opened his mouth and planted the seed of the idea in the public’s collective mind that stamp duty would be wiped out, eradicated, removed from the equation; that a new reality would soon dawn where house purchases could be made without the annoying large tax bill which is known as Stamp Duty.
This seed quickly took root in the run-up to the December budget and, even though it was solely based on McDowell’s mouthing and not based in any reality, it soon grew so big that all the other political parties could not but notice it. Many auctioneers around the country are feeling the pinch as the whole thing has now grown to the size of a giant Californian Redwood Tree. The only thing that will make it go away is when the newly-elected government addresses the issue some time after it’s elected by the people. Let’s all hope that the next government will move quickly and not spend any time fudging or avoiding the issue. Hopefully, it won’t be the PD’s, whose drastic suggestions are more likely to cause another unwelcome surge in house-price inflation.
There’s no doubt that Stamp Duty reform is much needed, but for every time that the government tinkers with the rates, there are consequences in the market. So, a gentle but firm approach is what’s needed, with a series of little steps instead of one big step.
In any case, the West Cork property market seems, as usual, to be riding the waves of financial fortune somewhat more calmly than elsewhere. Although things are a little quieter here now than they were this time last year, it is still almost on a par with last years figures.
