The Construction Industry Federation (CIF) claims that if the Help-to-Buy scheme is in fact removed it will only worsen our housing crisis.
The CIF, an industry lobby group, said it will take time for the scheme to do what it is intended for. The scheme has expanded the first-time buyer market so banks will start lending to builders more to construct starter homes.
The Help-to-Buy scheme can help first-time buyers get a tax rebate of up to €20,000. The public has blamed this scheme for playing a part in the rising house prices this past year.
The Help-to-Buy scheme apparently has made residential building in key locations possible from the first-time buyers being assisted. The CIF director general, Tom Parlon, says that this scheme has significantly helped in the growth of residential construction. Since more first-time buyers can purchase a home, building starter homes becomes a more enticing move for builders.
The Central Statistics Office published on Tuesday a report saying that housing prices grew 2.2 percent last month. This is the largest monthly increase since last July.
In Dublin, …