The help-to-buy scheme was designed to help first time buyers buy a home. First time buyers are encouraged to buy property through the help-to-buy scheme by refunds of income tax and deposit interest retention tax paid over the last four years. The help-to-buy scheme allows purchasers to claim a rebate tax already paid of income up to €20,000 depending on the value of the property.
There is a move to end the help-to-buy scheme. This would be detrimental to the housing market. Figures have shown that more than 80% of all first time buyers are relying on the scheme to buy a home.
However, the scheme is scheduled to end at the end of 2019. The government has given no indication of an extension of the help-to-buy scheme.
According to theBanking and Payments Federation, 84% of new property purchases were made by first time buyers with the support of the help to buy scheme. Furthermore, chief economist, Dr Ali Ugur, claimed that the help-to-buy scheme was important for market stability. It was a key component in helping housing supply increase and …