Central Bank rule change, not Help-to-Buy scheme, causing higher house prices, says Daft report author

Sharp rises in property prices are not because of the Government’s Help-to-Buy scheme, according to a house prices report compiled by a property website.

The scheme, which provides a tax refund to first-time buyers of newly-built homes, has been criticised by opposition parties and is now subject to a review by new Housing Minister Eoghan Murphy.

However Trinity economist, Ronan Lyons, author of the Daft.ie House Price Report, says he does not believe the scheme has had the impact some have claimed. “There have simply not been enough new homes sold in the first half of 2016 for this to explain such market-wide trends,” he said.