Plan to help first-time buyers could increase house prices, Noonan admits

Plan to help first-time buyers could increase house prices, Noonan admits

Finance Minister Michael Noonan has admitted that his plans to help first-time house buyers in the Budget does run the risk of increasing house prices.

Michael Noonan is set to announce the scheme on October 11. It will be backdated to those who have bought a property since July 19.

He told the Budgetary Oversight Committee today that he cannot announce too much for fear of disrupting the market, but did reveal that the Central Bank approved his plans.

"Anything we're doing, we're doing with the full knowledge of the Central Bank," he said.

"And the Central Bank knows exactly what I have in mind, and they approve of it.

"So, you'll see on Budget Day when we give the full details. I think it's going to be a pretty good scheme."

More on this topic

House prices predicted to rise further, according to Central BankHouse prices predicted to rise further, according to Central Bank

Varadkar allays fears of ‘land bubble’ amid home price riseVaradkar allays fears of ‘land bubble’ amid home price rise

House prices continue to rise with an increase of 12.4% in twelve monthsHouse prices continue to rise with an increase of 12.4% in twelve months

Warning about rate of rising house prices as figures show 13% increaseWarning about rate of rising house prices as figures show 13% increase


More in this Section

Teen wrapped chain around knuckles for assaultTeen wrapped chain around knuckles for assault

Virgin Media staff vote 'overwhelmingly' for industrial action over job cutsVirgin Media staff vote 'overwhelmingly' for industrial action over job cuts

Public consultation must not delay ban on smoky coal, says Asthma SocietyPublic consultation must not delay ban on smoky coal, says Asthma Society

Here are Ireland's county councils ranked according to transparency, accountability and ethicsHere are Ireland's county councils ranked according to transparency, accountability and ethics


Lifestyle

As David Attenborough announces new series on plants, we run down some of the weird and wonderful vegetation he might include.11 bizarre plant species from around the world

The weather’s always going to be a key factor on any wedding day — but especially so when the bride works for Met Éireann, writes Eve Kelliher.Wedding of the week: Bride and groom are literally on cloud nine

My wife and I are in our fifties and she has just started using porn. She thinks it will enhance our sex life if we watch it together, but I find the idea a total turn-off.Suzi Godson's Sex Advice: My wife wants us to watch porn together?

As you probably have heard by now, changes to the rules concerning gift vouchers in Ireland came into effect earlier this month, giving consumers more rights when it comes to these popular items.Making Cents: Play your cards right when giving gift vouchers this Christmas

More From The Irish Examiner