CIF proposes Government takes equity share to help first-time buyers

A group representing the construction industry has called on the Government to fund a programme to help first-time buyers to get a mortgage.

The Construction Industry Federation also wants to see incentives put in place for developers to build more houses and infrastructure.

Representatives from the CIF is this morning meeting with the Ministers for Finance and Public Expenditure to explain the measures they would like to see in next month's Budget.

Director general Tom Parlon said that an equity share scheme would help people to buy their own home.

"The details of it are all there, we've proposed it to the Department of Finance, where the Government takes an equity share in the home for five years, to allow the first time buyer to be able to buy it at the outset, and to comply with the new Central Bank regulations that are there," he said.

"It would be interest-free for five years. If the price of the house increases, the value of the equity increases.

"So it's a good investment for the State."