€17m paid out so far under help-to-buy scheme

The Government has so far paid out over €17.2m under the help-to-buy incentive scheme, which Fine Gael leadership hopeful Leo Varadkar says he will scrap if it is found to be pushing up house prices.

The scheme is designed to assist first-time buyers with obtaining the deposit required to purchase or self-build a new house or apartment as their residence.

The incentive provides for a refund of income tax and deposit interest retention tax (Dirt) paid over the previous four tax years to those first-time buyers. It is up to a maximum amount of €20,000, depending on the value of the property.