IAVI Reaction to Budget December 9 2009

Responding to the measures announced in today’s Budget, the Irish Auctioneers & Valuers Institute (IAVI) President, Ms Aine Myler, said today’s Budget will have no major impact for the property sector.

With regard to mortgage interest relief, she said, “For home buyers purchasing before July 2011, interest relief will apply for seven years. We welcome this move to protect new entrants to the market but remain concerned about those who are in struggling to pay existing mortgages.

“The IAVI has continuously called for a more equitable property-related tax to replace stamp duty. We note the Minsters’ proposal regarding a site valuation tax. It will involve an intensive and lengthy process and is likely to take a number of years to prepare the register of site valuations on which to base the tax.

When the site tax is eventually introduced, it is imperative that there are transitional arrangements made for those who have already paid penal levels of stamp duty.

“The IAVI broadly welcomes the proposal to undertake an efficiency review of the local authority sector. For 32 years, these bodies have been seriously underfunded and the burden on business has gown exponentially.

“The IAVI feels that there was a missed opportunity in the ‘green agenda’ and feel that a greater investment in this area would have yielded greater employment opportunities across the building industry and a significant improvement in energy savings,” she said.

Ends

For more information, please contact:

Carina O’Neill on 087 2228124
Brendan Bracken on 086 258 6628

Note to Editors
The Irish Auctioneers & Valuers Institute (IAVI) represents around 1,800 fully qualified auctioneers, estate agents, valuers and property professionals throughout Ireland and abroad.