Pádraic McCormack (Galway West, Fine Gael)

The Minister of State seems to suggest that longer-term mortgages are the solution to young people's problems in this regard. He acknowledged that 40% of houses are now bought by first-time buyers, and that house prices have risen. No doubt the Minister of State is aware, as I am, that a first-time buyer cannot now buy a second-hand house in Dublin city for less than €317,500, the cut-off point for stamp duty. After that, the Government takes at least €10,000 or €15,000, depending on house prices, from hard-pressed young people trying to buy their first houses. I know this from practical experience because two of my children are trying to buy houses in Dublin and cannot buy a second-hand house for anything near €317,500. They are being penalised further by the Government for €10,000 to €15,000 in stamp duty, depending on the house price.

The stamp duty cut-off figure was introduced in the previous budget. I knew it was too little at the time. Will the Minister of State consider, given the way house prices have increased, recommending that this stamp duty exemption limit be raised to at least a realistic figure such as €450,000 so that young people buying their first houses — and most of the houses coming on the market are second-hand — are not penalised by the Government by a figure of €10,000 to €15,000 on top of the exorbitant prices they pay for houses?

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