Bernard Durkan (Kildare North, Fine Gael) | Oireachtas source

We are all in the eye of the storm at this time. All our constituents are affected. There was very good reason for the introduction of the measures in the first place, namely, to deal with the emerging market or lack thereof as the case may have been. The lack of stability was a huge issue at the time. It gave stability and it did a good job. It served the public and the financial system well and helped with stability. It did all that.

It happens that it is converging on a situation that is already bad and the degree to which the housing market has reached a certain level where it is lucrative to offload or sell on. That is totally understandable. Had the measure not been there in the first place, there would not be a problem now but the measure is there. It had to be introduced at the time to stabilise that market and ensure some degree of expectation, continuity and so on. I understand the reasons given by the Minister and the reason for the measure in the first place, but I would ask that he look at it prior to Report Stage with a view to examining the various impacts and thinking forward into next year in view of the likelihood of property prices going down or up in the meantime. He might consider how that might affect the situation in relation to people who might want to sell at the top of the market. The tax advisers are telling their clients, correctly, that they can save them money. Unfortunately, saving the money is an incentive to sell off at a time when many people are affected by that selling off, in particular those in residential rental properties.