Bulk home purchases stamp duty
Deputy O'Callaghan criticised the review of stamp duty on bulk home purchases and said Government was siding with funds. The Taoiseach defended the existing higher stamp duty, said the issue remained under review, and would ask the Finance Minister for an update.
I want to ask the Taoiseach about the stamp duty on the bulk purchase of homes. There have been multiple instances of funds buying up housing estates. Earlier this year, 85% of homes in Belcamp Manor were bought up by an investment fund. At the time, the Government committed to reviewing the ineffective stamp duty on bulk purchases, which is at just 10%. That review has now been concluded and, incredibly, the Government has decided not to do anything and not to act. Can the Taoiseach tell me why the Government has decided not to act on this and why is it siding with investment funds that are snapping up homes?
Comment on this
Of course, I would disagree with that assertion of the Government's actions. As the Deputy said, the Government did introduce the increased stamp duty. The Government is continuing to keep this under review and has not ruled out going further in this regard. The Minister for Finance said that himself in recent weeks. I will ask him for an update on that.