Sunday 22 October 2017

Devil will be in the detail on help for first-time buyers

'Confirmation that first-time buyers will get some help in Budget 2017 will come as a huge relief to those hoping to secure a home and get onto the property ladder. But the devil will be in the detail.' Photo: Reuters
'Confirmation that first-time buyers will get some help in Budget 2017 will come as a huge relief to those hoping to secure a home and get onto the property ladder. But the devil will be in the detail.' Photo: Reuters
Paul Melia

Paul Melia

Confirmation that first-time buyers will get some help in Budget 2017 will come as a huge relief to those hoping to secure a home and get onto the property ladder.

But the devil will be in the detail. The Government will have to be very careful that any help provided, and a figure of €10,000 has been suggested, does not fuel house price increases and instead helps those genuinely in need.

We know the relief will take the form of a tax rebate from the Revenue Commissioners, and will be back-dated to last July. We also know it will only apply for new houses, and not second hand, and will be linked to the value of the property, and targeted at affordable homes.

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