Stamp duty factor starting to kick in

THE new stamp duty rate of 6pc had a clear influence in the auction rooms last week. Gordon Cobbe of GVM Tullamore believes a 30ac compact farm at Ardnaglew on the outskirts of Kilbeggan in Co Westmeath would have sold were it not for the increased duty.

Guided at €350,000 it was withdrawn at €335,000 at auction: “The €14,000 rise in stamp duty made up the difference,” said Mr Cobbe.

Located about 2.5km from Kilbeggan, the farm is centred around a traditional bungalow residence that includes three bedrooms, a kitchen, a bath- room and a sitting room.

The farmyard has a selection of stables and storehouses that could be converted for many uses. The land is undulating, free draining ground currently laid out in grass in six to seven fields in one block.

The fields are divided by traditional hedgerow, sheltered by some lovely stands of old trees with generous road frontage on to the public road.

At auction the place opened at €250,000 and with two bidders in the chase it was bid steadily to €300,000 in tranches of €10,000. Bidding continued in increments of €5,000 before the place was withdrawn at €335,000.