Opposition building to Budget boost for first-time buyers

The group argues that a budgetary stimulus package for house buyers will end up being a bailout for builders

Charlie Weston Twitter Email

September 26 2008 04:47 AM

A DISPARATE group, made up of financial advisers, academics and engineers, protested outside the Dail yesterday over plans to provide incentives in the Budget for first-time buyers.

The group argues that a budgetary stimulus package for house buyers will end up being a bailout for builders and do nothing for want-to-be homeowners. Financial adviser Karl Deeter, who initiated the protest, said any housing package for first-time buyers would stop prices falling to their market-clearing level.

"No lifeline should be thrown to first-time buyers. If there is a package, it will only end up being a bail-out for builders and will be of no benefit to first-time buyers."

He added that an incentive package would cost taxpayers a fortune -- the money would be better spent on education and health.

Mr Deeter said he and the other protesters were not politically affiliated.

First-time buyers would be better served by allowing house prices find their natural level rather than giving prices an artificial and temporary lift, he added.

"As long as there are people on trollies, the money would be better spent on health. Education is also hugely important. It is educated people who will get you out of a recession, not the housing industry."