Help To Buy Scheme

Help To Buy Scheme
Speculation is mounting that the new Minister for Housing is set to scrap the Help to Buy scheme, which offers an incentive to help first time buyers get on the property ladder. However, market commentators have warned that doing so won’t stall property price growth and could send first-time buyers into a panic as they rush to buy before the incentive is culled.

Newly appointed Eoghan Murphy said on Sunday that he is concerned that the scheme, launched in January by his predecessor Simon Coveney, “hasn’t achieved the delivery on the supply side that we need”.

Construction workers lay bricks on the Cairn Homes Marianella residential construction site in Dublin. Speculation is mounting that the new Housing Minister is set to scrap the Help to Buy scheme, which offers an incentive to help first time buyers get on the property ladder. (Photograph: Chris Ratcliffe/Bloomberg)

The scheme, which was due to run until 2019, allows first-time buyers to apply for a rebate on taxes paid of as much as 5 per cent of the purchase price, up to a limit of € 20,000. Latest figures show that more than 7,000 first-time buyers have applied for the scheme so far, about 40 per cent of whom are looking to buy in Dublin. The majority are looking for a rebate of between €10-15,000.

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