The government has announced the extension of the Help to Buy scheme for two years until the end of 2021. This scheme which is available to first time buyers purchasing a new home costing up to €500,000 was originally due to expire on 31 December 2019. There was also some discussions about whether the price cap for the scheme would be reduced from the existing €500,000, however this has been left unchanged in order to provide purchasers with certainty.
Stamp duty payable on commercial properties has been increased from 6% to 7.5%. This change will apply to any purchases completed on or after 8 October 2019. The only exception is that the previous 6% rate will continue to apply to any purchase completed before 1 January 2020 provided that a binding contract had been signed before 8 October 2019.