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New Levy on new Developments

The new government levy on new developments is going to have an impact on prices. The lack of standard rates means that the levy for similar houses in different areas will be different and in some cases by several thousand euro's. This will lead to a disproportional increase in prices over the country. It will also lead to a fall of in demand for new property

The new levy will have another affect. Previously a disincentive for buying second-hand property was stamp duty. This new levy could be more in some cases than stamp duty and buyers will now look towards the second-hand market more which will increase the prices of second-hand property.

Some analysts predict that this will lead to an increase of up to 300% for some local authorities. Developers will in most case pass this on but they fear that this increase in price will be detrimental to the building industry n Ireland.

Nov 04