Darragh O’Brien has not ruled out extending the Government’s shared equity scheme to buyers of second hand properties in the future
“The interventions that we’ve made now already, we can track the results of them. And I’m much more comfortable with that. I think the measures that we have on the First Homes scheme, on Help to Buy and the other measures are far more targeted and help those who need it, as opposed to across the board. So if I do a reduction in VAT on construction, for argument’s sake, from 13.5 to 9 per cent ...
It involves the State and participating banks paying up to 30 per cent of the cost in return for a stake in the home. Buyers in Dublin, Kildare, Cork, Meath and Wicklow are the heaviest users of the Scheme. In total there have been close to 5,000 expressions of interest from potential buyers in the first yearAsked if supply was an issue, given only 500 have actually secured a property despite the high level of First Home approvals, Mr O’Brien said “supply remains an issue, let’s be straight about that.”
The average purchase price for completed purchases is €372,000 with the average support being €68,000 or 18 per cent of the average purchase price.Minister says Government need time to consider increase in betting tax to boost funding for sportMr O’Brien said there had been “a lot of noise” about the scheme originally, which made it difficult to get the plans off the ground, but that he is “proud” of the work done so far.He said he expects thousands more potential buyers to benefit from it.
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