In today's budget Irish Finance Minister Brian Cowen has left the door open to changes in stamp duty which could boost the property market.

Mr Cowan failed to mention specific measures but said: "I've never ruled anything in or out in a budgetary cycle.This is my fourth budget, I think in two budgets I've made some changes in stamp duty in the past.

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"It's far better simply to look at the situation objectively and see what's the best thing that can stabilise the market, what's the best thing that will provide confidence for the market and to do it for the right reasons for the efficiency of the market."

A sharp slowdown in house building is predicted for next year which in turn will have a dampening effect on the broader economy.

(GK/JM)