Michael Finneran (Roscommon-South Leitrim, Fianna Fail)

I welcome the opportunity to contribute briefly to this debate, particularly the issue dealt with by the amendment. The tenor of the legislation is clear and is to be welcomed. I compliment the Minister on the Bill, which will deal with the question of first-time buyers and will bring stability to the market. The introduction of the Bill honours a commitment given by the Minister prior to the election. He is to be complimented on honouring that commitment.

The amendment would bring back an element of instability by raising the possibility of what might or might not happen between now and budget day or the date of some future decision. That is the last thing the construction industry wants. The two parallel tenors of the bill are clear and the people have decided that this is what they want. They supported what the Minister and the Fianna Fáil Party put forward. Others set out their stalls and were rejected. Some of those stalls would have been helpful to the 50,000 sellers with little recognition of the needs of first-time buyers.

The point has been made that a first-time buyer could be a multi-millionaire and would be exempt from stamp duty, but that argument does not make sense to me. Why would such a person never have thought of buying a house until now? If a small number of Lotto winners wish to buy their first houses, so be it.

I welcome the Bill. We must make it clear that first-time buyers may purchase houses without paying stamp duty and that stability has been restored to the market. To extend this exemption to others who are already on the property ladder would take from the tenor of the Bill, which is to look after first-time buyers and to restore stability to the market.

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