Just been giving some thought to the debate on whether or not Minister Cowen will tinker with stamp duty limits in the budget in December.
The entire real estate industry in ireland seems to be of the one mind on this, that the market is in stagnation because of the "wait and see" attitude of buyers. There is no doubt that sales have slowed considerably, whether or not this is caused by uncertainty in the stamp duty field is anybody's guess.
However, what if he makes the necessary adjustments to the stamp duty limits as per the not-so-subtle lobbying of the real estate industry, and sales don't pick up immediately? Nobody seems to have thought of this scenario, but they should consider it. If the market reacts in this way, we may well be facing a huge slide as panic sets in, with the potential to wipe up to 50% off values in a matter of months.
Not possible? Oh yes it is, and all the factors are in place for such a slide to happen. If the market does not pick up quickly post-budget, even with no adjustment to stamp duty, we will have some serious do-do on the fan blades.
Just thought I'd mention it!
The entire real estate industry in ireland seems to be of the one mind on this, that the market is in stagnation because of the "wait and see" attitude of buyers. There is no doubt that sales have slowed considerably, whether or not this is caused by uncertainty in the stamp duty field is anybody's guess.
However, what if he makes the necessary adjustments to the stamp duty limits as per the not-so-subtle lobbying of the real estate industry, and sales don't pick up immediately? Nobody seems to have thought of this scenario, but they should consider it. If the market reacts in this way, we may well be facing a huge slide as panic sets in, with the potential to wipe up to 50% off values in a matter of months.
Not possible? Oh yes it is, and all the factors are in place for such a slide to happen. If the market does not pick up quickly post-budget, even with no adjustment to stamp duty, we will have some serious do-do on the fan blades.
Just thought I'd mention it!