New Housing Minister could axe Help to Buy Scheme

New Housing Minister could axe Help to Buy Scheme

The future of the Help to Buy Scheme for first time buyers has been placed into doubt after newly appointed Minister for Housing Eoghan Murphy said he was “concerned” that it could be inflationary.

Speaking on RTÉ’s The Week In Politics at the weekend, Mr Murphy said he was worried that the first-time buyers’ grant “hasn’t achieved the delivery on the [housing] supply side that we need”.

A review is under way to see if the scheme is pushing up house prices, he said, adding that he will make a decision on it when the review is completed.

The scheme provides first-time buyers with a rebate of income tax of up to 5% of the purchase price of a new home, up to a value of €400,000.

The maximum tax rebate available to first-time buyers is €20,000.

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