31.8.98 - MINISTER FOR FINANCE WELCOMES FINDINGS OF IPAV SURVEY
The Minister for Finance, Mr Charlie McCreevy TD, welcomed the findings of the survey on house prices recently carried out by the Institute of Professional Auctioneers and Valuers (IPAV).
The Minister said that he took encouragement from the survey results which showed a 50% decline in the rate of increase in house prices, since the introduction of the special measures by the Government on 23 April, 1998.
It was clear from the consultants' report on house prices that demand from investors was "crowding-out" the owner-occupier. The Government measures contained in the Finance (No2) Act, 1998 were designed to restore balance between owner-occupier and investor and the Minister sees the survey results as evidence that the measures to disallow the deductibility of interest as well as charging stamp duty on new properties for investors are having the desired effect on property price inflation.
However, the Minister also pointed out that there are no quick-fix solutions to this issue and as was clear from the consultants' analysis, the issue of addressing the supply of suitable land for residential development can not be achieved overnight.
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