Brendan Howlin (Wexford, Labour)
Link to this: Individually | In context

Question 46: To ask the Minister for Finance his views on the prospect that first time buyers will be excluded from the housing market if interest rates increase as forecasted to 3.5 percent in 2007, causing first time mortgage limits to fall by up to €100,000; and if he will make a statement on the matter. [24936/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
Link to this: Individually | In context

This Government has already taken measures that seek to address problems faced by first time buyers. The situation is kept under review each year at budget time.

Fiscal measures which support first-time buyers include preferential stamp duty rates for first-time owner-occupiers of second-hand houses, who are exempt from stamp duty on properties valued at €317,500 or less with reduced rates applying on properties valued from €317,500 up to €635,000. First-time owner-occupiers are also exempt from stamp duty on new properties with a floor size of 125 square metres or less.

There are also mortgage interest rate reliefs which give preferential treatment to first time buyers.