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Fresh blow for Help to Buy scheme as Davy says it will add to increases in the price of houses - Pearse Doherty TD

25 October, 2016 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said a report by Davy stockbrokers in which they have increased their prediction for house price inflation is a fresh blow to the so called Help to Buy scheme. 

The report specifically mentions the scheme as a factor which “should add to momentum in house prices in 2017." They are now predicting a €300,000 house will cost €321,000 next year.

Deputy Doherty said:

“Today’s report should set alarm bells ringing even louder in the Department of Finance.

"Davy stockbrokers have upped their estimate for house prices next year citing the scheme as a factor.

"The government's help to buy scheme commands zero support from experts and only yesterday the Governor of the Central Bank detailed his serious concerns regarding the supposed merits of the initiative.

"Once again, we see a report that clearly points to lack of supply as the issue driving up house prices and yet we still have the nonsense of a demand side solution being pushed by government.  

"At what point will common sense kick in and this scheme be discarded or at least suspended pending a proper analysis?

"Sinn Fein, unlike others, is opposed to this scheme because it will increase prices, increase the debt burden on young families and effectively transfer €50m of taxpayers' money into the pockets of builders. 

"Debates around fringe issues such as the cap on the scheme are only distractions. At its core this scheme is a bad idea hatched by an industry and a government who are not acting in the interests of the people of the country.”

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