Monday 25 September 2017

4,700 apply looking for help - almost 53 every day

Figures from the Revenue Commissioners show that a total of 4,698 applications have been made under the Help-to- Buy incentive since it opened on January 1. (Stock photo)
Figures from the Revenue Commissioners show that a total of 4,698 applications have been made under the Help-to- Buy incentive since it opened on January 1. (Stock photo)
Paul Melia

Paul Melia

Figures from the Revenue Commissioners show that a total of 4,698 applications have been made under the Help-to-Buy incentive since it opened on January 1.

This equates to almost 53 a day.

Of these, just over half (2,380) have been approved. The remaining 2,318 are being processed.

Applicants who decide to buy a property then proceed to the claims stage.

Some 1,006 claims have been made to date, of which 534 have been approved.

While the total cost of the scheme across a full year is not yet known, the value of the 534 approved claims to date is €8.2m.

This equates to €15,355 each.

If all of the 4,698 applications proceed to claims stage, and are then approved and the amount sanctioned averages at €15,355, the total cost will be just over €72m, based on applications received to March 30.

Finance Minister Michael Noonan had suggested the cost of the Help-to-Buy incentive would be €50m in the first year, falling to €40m in subsequent years.

A review of the scheme has been commissioned, and will be published in advance of Budget 2018.

Irish Independent

Also in Business