Shane Ross (Independent)

It is kind of him to interrupt anyway.

There are one or two other problems in this market which should be highlighted. The problems of moving are huge for people, not for first-time buyers. If one moves from a €1 million house which is not exorbitant any more, one pays auctioneers fees of probably 2%, approximately €20,000, and solicitor's fees of €10,000. If one moves into an equivalent house it will cost one €90,000 in stamp duty plus the fees. Therefore, the actual cost of movement in the market is approximately 15%. What does one expect to happen with these costs? One expects a certain amount of paralysis and that is what is happening in the market. As pointed out by Senator John Paul Phelan, rather than moving, people are building small or vast extensions for €45,000 or €50,000 rather than paying the extra stamp duty of €40,000 or €50,000, which means mobility in the housing market is paralysed as well. People are prohibited and obstructed from moving by this tax. There is a very good case which the Government will recognise next week but which Senator Mansergh did not recognise today——