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Minister is ignoring the evidence on Help to Buy scheme and price increases – Doherty

4 April, 2017 - by Pearse Doherty TD


Sinn Féin Finance Spokesperson Pearse Doherty TD has said Finance Minister Michael Noonan is ignoring the evidence that the Help to Buy scheme is adding to increases in the price of a house.

Deputy Doherty said:

“Today’s exchange in the Dáil shows the Minister is simply ignoring evidence that doesn’t suit his agenda about the Help to Buy scheme which came into operation in January. He wants us to believe the huge price spikes in the year so far in house prices are just a coincidence.

“When it was put to the Governor of the Central Bank that this scheme was adding to house price inflation, he said, ‘that is going to be the impact effect’. The scheme has added to price increases.

“This scheme needs to be suspended to allow for a full review. Figures released to me today show that at least 73% of the successful applicants did not require the scheme to meet the 10% deposit requirement. Of the other 27%, it is not clear whether they actually strictly required any extra to meet the 10% deposit.

“Minister Noonan’s claims that this scheme is about helping young families buy homes are nonsense. It is driving the cost of homes beyond the reach of the average family and that extra money is going straight into the pockets of the developers and the banks.” 

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