First-time buyers to get 'generous' new grant
First-time buyers will get help from the Government in a new tax-refund-based scheme to be announced in the Budget.
The measure is aimed at helping people who are struggling to get on the property ladder due to Central Bank mortgage lending restrictions.
The new first-time buyers' grant will be "very generous", according to Government figures involved in the preparation of the Budget. However, it will not be similar to a UK scheme, which sees the State take an equity share in the house.
The Help-To-Buy scheme will involve up-front tax repayments to buyers. The precise details and cost are still being worked out ahead of October's Budget.
Finance Minister Michael Noonan is also wary about ensuring the scheme will not interfere with either the supply of, or demand for, housing.
The scheme will form part of the new housing action plan, which Housing Minister Simon Coveney will publish tomorrow.
Among the measures is a new law to protect tenants when their accommodation is sold.
This follows the eviction of tenants in Tyrrelstown, Dublin when their complex was being sold to a vulture fund.