Second-time buyers can count their lucky stars.

However, first time buyers need to cry in their soup for not buying their house earlier in the year.

There has been a substantial reduction in the rate for transfers of home property. There is now a 1% stamp duty on properties valued up to €1 million and 2% on properties valued over €1 million, for transactions executed on or after 8 December 2010.

The following exemptions have been axed:
• First-time buyer relief
• Newly built houses
• Residential property transfers valued under €127,000
• Parent gifting a site to a child

Allan Matthew Cuthbert t/a Financial Wellbeing is regulated by the Central Bank of Ireland to advice on Mortgage,Savings, Life and Pension products