Wednesday, 26 January 2011
Finance Bill 2011: Committee Stage
Martin Mansergh (Minister of State with special responsibility for the Arts, Department of Arts, Sport and Tourism; Minister of State with special responsibility for the Office of Public Works, Department of Finance; Tipperary South, Fianna Fail)
Six months should be adequate to enable any instrument to be executed. By reference to experience when stamp duty was changed in the past, the six-month period may be considered generous. Six months is an adequate period in which to formalise conveyances.
Deputy Ciarán Lynch talked about the affordable homes initiative and the rise in house prices. There were efforts in the late 1990s, including the two Bacon reports, to damp down the growth of prices in the property market, and I had some regrets at the time that the fight was abandoned. There were considerable pressures. It was always easy to make the argument that building more and more houses would create jobs in construction and give people homes. As I have said before, there were not many voices telling us in the boom years that we ought to go more slowly. One of them was the former European Commissioner Pedro Solbes, who said this in 2001 to Charlie McCreevy-----