Investment funds buying homes
Cian O’Callaghan criticised investment funds purchasing new homes and said the current stamp duty on bulk purchases was ineffective. The Taoiseach said two measures were already in place, the issue remained under review, and it would usually be dealt with at budget time.
I ask about investment funds buying up housing. Early this year, 85% of new-build homes in Belcamp Manor were bought up by a fund. The Government's 10% stamp duty on bulk purchases is clearly not working and is not stopping this practice. Earlier this year, the Government voted down a proposal from the Social Democrats for a 100% stamp duty, which would effectively eliminate the bulk purchase of homes. The Minister for Finance has said that he is not going to increase the 10% stamp duty any time soon, yet yesterday the Taoiseach said there was plenty of scope to do more in this area. How much longer is it going to take the Taoiseach to make up his mind on this? When is he going to act? Will he increase the 10% stamp duty to a more effective rate?
Comment on this
As the Deputy knows, we have taken two measures already, namely, the higher stamp duty rate and the planning changes brought in by the Ministers, Deputies McGrath and O'Brien, respectively. We are continuing to keep this under review. That is what we voted on in January. I said we would continue to examine it. My party also put it in our manifesto yesterday for the local elections. Generally, these matters are addressed at budget time.