FIANNA FÁIL’S HOUSING spokesperson Séamus McGrath has asked the Taoiseach to consider reintroducing relief on stamp duty for first-time buyers.

McGrath, the elder brother of former Finance Minister turned European Commissioner Micheal McGrath, made the request during Leaders’ Questions. 

Stamp duty applies to buyers when they purchase a home at a rate of 1% on the first €1m of the home’s purchase price, rising to 2% from €1m to €1.5m, and 6% on any amount thereafter. 

This duty is paid by all buyers of property or land. McGrath said given the “enormous difficulties” faced by first-time buyers in securing home ownership, and with house prices rising, it is “deeply unfair” for the State to levy an additional charge.

He said government has put forward “very significant supports” for first-time buyers and the charging of stamp duty is “totally inconsistent” with these policies. 

“I am strongly arguing here today that we reintroduce a relief for first-time buyers on stamp duty up to a certain value of a property,” he said.

“That relief was in place before up until 2010. I believe it is only fair and equitable approach by government and consistent with our other policies to support first time buyers.”

First-time buyers were entirely exempt from stamp duty before 8 December 2010, when specific exemptions were abolished to make way for a new and more simple system. McGrath said in 2024, stamp duty collected from first-time buyers is estimated at around €60m, highlighting the burden it places on these homeowners.

Fianna Fáil TD Séamus McGrath made the request during Leaders' Questions this afternoon. Oireachtas TV Oireachtas TV

McGrath asked that the Taoiseach discuss his proposal with Cabinet and Tánaiste and Finance Minister Simon Harris.

Responding, the Taoiseach said: “I think we will engage on this at government level, give consideration to that, along with other supports for first-time buyers, I understand the motivation here.

“We want to enable young people to be in a position to buy houses, and for that, obviously affordability is a key factor in that decision, so I wouldn’t rule anything out, and it’s certainly something that we’ll give consideration to.”