Q: I'm a first-time house buyer and I've my finances in order to purchase a property. I read in the newspaper recently that the Budget has been brought forward to October 14 and changes to the stamp duty regime on property are to be expected. What is expected from the Budget that might impact a first-time buyer like me?

A: The Government has moved the Budget for 2009 forward by two months to October 14, this move is in response to the the deteriorating economic situation.

The Minister for Finance, Brian Lenihan has confirmed that the Budget will not have a negative impact on the property market. What does this mean for first-time home buyers?

The key issues facing first time buyers in the property market are: the lack of ability to obtain an appropriate level of finance and the lack of confidence in the market regarding when property prices will bottom out.

The Government is limited in what impact it can make on the property market. In last year's Budget, changes to the stamp duty regime were brought in for first-time buyers. Effectively, first-time buyers are exempt from stamp duty on the full purchase price of the property. So there is no need to make changes to the stamp duty regime.

However, there is a need to readdress the stamp duty rates for non-first time buyers. The Budget may make a move to reduce the rates from 7pc and 9pc stamp duty for investors and non-first time purchases.

The minister may also wish to focus on increasing the level of mortgage interest relief for first-time buyers.

However, the aforementioned changes may not be enough to reignite the first-time buyer market. The minister may have to look further afield at non-tax issues to relieve the strain, particularly in relation to obtaining an apt level of mortgage finance.

THE IRISH INDEPENDENT, Eoin Whelan (Director in Tax at BDO Simpson Xavier)