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More detail needed on First Time Buyer scheme – Ó Broin

18 July, 2016 - by Eoin Ó Broin TD

Responding to media reports that the government is considering introducing a First Time Buyer’s scheme, Sinn Féin spokesperson on Housing Eoin Ó Broin TD said a lot more detail on the scheme is required.

Deputy Ó Broin said:

“Before a First Time Buyer Scheme is introduced the government must ensure that such a scheme does not drive house prices up and that buyers are not saddled with unserviceable levels of debt.

“At the heart of any First Time buyer’s scheme must be to ensure affordability of housing, which is increasingly out of reach for many. For example, according to the Daft Quarterly Report from May this year, in my own constituency of South County Dublin the average house asking price is €517,774.

“The report of the Dáil Housing and Homelessness Committee recommended that there must be an increase in supports to first time buyers. The focus was on assisting them in raising the necessary deposit, for example, by introducing a special savings scheme with safeguards to ensure the scheme does not increase the cost of purchasing.

“I hope the Minister will take into account this approach when devising the detail of such a scheme. The Committee heard evidence from many of those dealing with issue and their expertise should guide the development of a First Time Buyers programme.” 

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