We all understand in this House the enormous challenges faced by first-time buyers in securing home ownership. House prices are high, with the median price now at €390,000. With increasing costs in everyday life, it is becoming increasingly difficult for first-time buyers to afford to purchase a property. In this context, I find it deeply unfair and inconceivable that the State imposes an additional cost on first-time buyers in the form of stamp duty. Stamp duty applies to first-time buyers when they purchase a new or second-hand home at a rate of 1%. If we take the purchase price of a house of €450,000, the stamp duty cost for first-time buyers is approximately €4,500. I am surprised that this topic does not generate more discussion and debate. As a government, we have put forward significant supports for first-time buyers, such as the help-to-buy scheme, the local authority home loan, the first home scheme and others. It is totally inconsistent with those policies that we, as a government, on the other hand, impose a cost on first-time buyers in the form of stamp duty. It is estimated that approximately €60 million was collected in 2024 in stamp duty from first-time buyers. That is a very high figure, and it further highlights the burden that is placed on first-time buyers through stamp duty. I am strongly arguing here today that we should reintroduce a relief for first-time buyers on stamp duty up to a certain value of property. That relief was in place before, until 2010. I believe it would be a fair and equitable approach by the Government and would be consistent with our other policies to support first-time buyers. Additionally, in the case of new homes, the help-to-buy scheme applies to first-time buyers, who can claim back their tax for the previous four years, up to a maximum of €30,000. However, when first-time buyers are purchasing second-hand homes, there is effectively no support in place. Introducing a relief on stamp duty for second-hand homes, as well as new homes, would provide additional relief for first-time buyers. We have to continue to find pathways for first-time buyers to secure home ownership. A lot of good policies have come forward from this Government and the increased focus on affordable housing is certainly very welcome. However, as a State, it is urgent that we remove this additional burden in the form of stamp duty. That €4,000 or €5,000 is a hidden cost when someone is purchasing a house. It does not form part of the deposit or the mortgage and it is badly needed by first-time buyers in fitting out a new home and getting themselves established. I would strongly urge the Taoiseach here today to work with Government colleagues to come up with a relief for first-time buyers from stamp duty and to bring this measure forward at the earliest possible time.

Sentiment score: 0.18

I thank the Taoiseach. I welcome his response and I fully accept what he said about the Government supports for first-time buyers. They have been quite significant and the proof of that is in the figures on mortgage drawdown. There are a high number of first-time buyers in that position to draw down a mortgage and that is welcome. The Taoiseach is also correct on the simplifcation of the system in 2010. I would argue that one of the unintended consequences of that was that it imposed a stamp duty charge on first-time buyers. It is only consistent with our other policies that we would look to introduce a relief on that. I also accept that is something that would have to be discussed in a budgetary context. I repeat here again today, however, that if the Taoiseach can take that up with his colleagues in Cabinet and in particular with the Tánaiste and Minister for Finance, I think it would be the only fair, equitable and consistent approach by Government in parallel with the other supports we have put in place for first-time buyers.

Sentiment score: 0.33