For all buyers out there:
Mortgage Interest Relief will be discontinued for any mortgage over 7 years from 1 May.
A new stamp Duty “Trade-in” scheme will be introduced. This is quite helpful as it means that NO, zilch, nada, stamp duty is payable by ‘a person who accepts a traded-in property in … exchange or part exchange for a new house / apartment’. Only catch – Stamp Duty will apply when the person sells the ‘swapped’ / traded-in house later on.
For more information on the Budget check out the Budget Section of the Dept of Finance Website.