Coveney's scheme to help house hunters is full of holes and will only push up prices
The Government's new help-to-buy scheme for first-time buyers is full of holes. Under the new scheme, announced in the Budget, Housing Minister Simon Coveney promised income tax rebates on the purchase of new homes.
It provides first-time buyers with a rebate of income tax paid over the previous four tax years, up to 5pc of the purchase price of a new home, to a value of €400,000.
The maximum tax rebate available to first-time buyers will be €20,000. The scheme applies to homes up to the value of €600,000, but not beyond that, and the most you can get is €20,000.