Help-to-Buy scheme still 'vital' for first-time buyers’ market
The renewal of the HTB Scheme will be vital for a large number of first-time buyers who would otherwise have been unable to afford it.
Since its inception in 2017, the Government’s Help-to-Buy (HTB) scheme has been of enormous benefit to the first-time buyers’ market.
Even if the supply of houses has not been adequate, the introduction and annual renewal of the scheme since then has meant that the dream of owning one’s own home has been kept alive for a large number of first-time buyers who would otherwise have been unable to afford it.
“The Help-to-Buy scheme being kept into this year is a huge benefit for the first-time buyers’ market,” says Elizabeth Hegarty, Associate Director of Savills Cork Residential. “It’s great to see people getting that initiative... It’s only relevant to new builds but it’s better than nothing.”
“The Help-to-Buy scheme is very good for first-time buyers,” says Pat Davitt, CEO of IPAV. “We’d obviously like to see it extended to include second-hand homes as well but that’s apparently not to be at the moment.
“It’s due to come to an end at the end of 2022 but we hope that it will be extended after that because it’s fantastic for first-time buyers,” adds Pat Davitt of the IPAV, who points out that it isn’t a grant for first-time buyers (as some people might describe it) but a tax rebate system, which means that you can only avail of it if you have paid your taxes over the previous years.
“It’s also very good from a deposit point of view because many people would use it as part of their deposit.”
