First-time home buyers will be given generous incentives in a bid to get them on to the property ladder, according to Cork’s housing minister.
Simon Coveney told the Evening Echo that he would signal his intention to introduce “significant” help-to-buy measures as he announces his action plan for housing tomorrow.
He said: “The details will be confirmed on Budget Day but I will make it clear that as well as homelessness and social housing, first-time buyers are also a priority for this government. There are a lot of first-time buyers who want to buy their own house for a number of reasons and about half of buyers are first-timers. We are anxious to help those people and to get them on the property ladder.”
Measures being considered include tax relief and state top-ups of mortgage deposit savings, Mr Coveney confirmed. Central Bank rules have severely impacted first-time buyers since they were introduced in a bid to regulate the housing market.
Mr Coveney added: “We think the measures will be quite significant. It’s a big plan that will hopefully change the process and procedures to make things happen faster. It is the start of our response to repair the broken housing market. There will be a big emphasis on social housing, a focus on homelessness and the rental market. We have worked hard on it and while it may not be perfect, it is a good response to a multi-layered problem.”
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