Twitter has reacted to the government’s help-to-buy scheme for first-time buyers in the housing market, announced by Minister for Finance Michael Noonan in Tuesday’s budget.
The measure will see first-time buyers receive a tax refund of up to 5% of the value of the house with a €20,000 cap over four years.
The help-to-buy scheme includes houses valued at up to €600,000.
Help to Buy for first-time buyers (new builds) – PAYE refund over 4yrs, up to 5% of price, €20k cap – WILL count towards CB deposit rules!
— Gavan Reilly (@gavreilly) October 11, 2016
Noonan says Central Bank will include any tax rebate in calculation of deposit required. #Budget2017
— David Murphy (@davidmurphyRTE) October 11, 2016
Twitter has not taken kindly to the news, with many pointing out that the scheme will likely drive up house prices, including Sinn Féin TD Eoin O Broin who wrote “Who buys a starter home @ €400k let alone €600k. Will do nothing on affordability & will drive prices higher. Bad news for 1st time buyers.”
Who buys a starter home @ €400k let alone €600k. Will do nothing on affordability & will drive prices higher. Bad news for 1st time buyers.
— Eoin Ó Broin (@EOBroin) October 11, 2016
Noonan on housing: help to buy scheme for newly build houses for first time buyers. Unlikely to help first time buyers but will builders.
— Tom Lyons (@TomLyonsBiz) October 11, 2016
There is not enough houses available. Hard not to see help to buy doing anything other than pushing prices up in short term.
— Tom Lyons (@TomLyonsBiz) October 11, 2016
Others were disappointed to learn that the scheme will only include new houses, meaning that those in the market for a second-hand house will be cut out of the scheme.
Absolute joke… No help for those looking to buy second hand houses?? #Budget2017
— Post MoThóin (@sonofedge) October 11, 2016
LISTEN: You Must Be Jokin’ with Aideen McQueen – Faith healers, Coolock craic and Gigging as Gaeilge
