The property market is ‘‘in danger of stagnating’’, and public finances are suffering because the government has acted too late in reforming stamp duty, according to the Irish Auctioneers and Valuers Institute (IAVI).

Robert Ganly, president of the IAVI, said it was no surprise that stamp duty receipts were almost 14 per cent lower than expected for the first nine months of this year.

‘‘A need to reform this inequitable tax - by bringing the top rate down to 6 per cent and introducing incrementation - had been clearly demonstrated prior to the last election,” he said.

‘‘Government inaction has created a situation where these moves are now also needed to restore confidence to a market that is in danger of stagnating.”

Posted: 10|7|07 at 9:41 am. Filed under: Auction News.