DNG welcomes the extension of the Help to Buy Scheme but expresses surprise at increase to stamp duty rate for high value properties

Reacting to the measures announced in Budget 2025 Paul Murgatroyd, Director of Research with leading property group DNG, welcomed the decision to extend the Help to Buy scheme until 31^st December 2029. DNG also welcomed the move to increase the rent tax credit to €1,000 per annum for a single person (€2,000 per couple) and  welcomed the continuation of the limited mortgage interest relief for the period 2024. However, the agency expressed its surprise and disappointment at the introduction of the new 6% rate of stamp duty on properties valued over €1.5 million, saying that the move will do little to raise revenue, given that the 6% rate only applies to the portion of the value above the €1.5 million mark, warning that the move could have potential implications for the upper end of the residential property market.  

Commenting on the announcements contained within the Minister’s Budget speech, Murgatroyd said “We very much welcome the decision to extend the Help to Buy scheme for first time buyers of new homes util the end of 2025. The scheme’s extension will provide continued valuable financial assistance to this cohort of buyers, and this in turn will bring further certainty to the new homes market, allowing developers to continue delivering more new units, in the knowledge that this purchaser support scheme will continue for the next five years at a minimum. “

Giving his reaction to Budget 2025, DNG Chief Executive Keith Lowe said,  “ We welcome the extension of the Help To Buy Scheme, and something DNG had called for in its pre-budget submission earlier this year however we do feel the price threshold should have been increased to take account of the average price of a new home in the capital presently. We are somewhat surprised at the Minister’s decision to levy a higher rate of stamp duty of property values above €1.5m with immediate effect tonight as this was not something that any lobby group had sought and is of no benefit to housing market.”

For further information, interviews, or media commentary, please contact:

• Tom Delaney , Gibney Communications, Tel. 087 7437533 Email: TomDelaney@gibneycomm.ie

Or

• Paul Murgatroyd, Head of Research & Business Development, Tel. +353 87 6998884, Email: paulmurgatroyd@dng.ie

ABOUT DNG:

The DNG Group is a multi-disciplinary property advisory practice based in the capital. We are Ireland’s premier agency with a branch network which extends to 80+ branded offices located in virtually every major city and town in the country. DNG is one of the largest sellers of residential property and new homes schemes in Ireland.

Our national franchise network contains some of the best agents in the business offering their superb local expertise with the backing of Ireland’s premier property brand.

DNG are members of the Society of Chartered Surveyors Ireland and the Institute of Professional Auctioneers and Valuers and work to its strict codes and standards.