Sunday 21 October 2018

For Simon, stuffing developers' wallets is the simple solution

A man works on the roof of a new home. First-time buyers can avail of a €20,000 tax rebate on purchases of new builds. Photo: PA
A man works on the roof of a new home. First-time buyers can avail of a €20,000 tax rebate on purchases of new builds. Photo: PA
Colette Browne

Colette Browne

Keep calm and carry on doling out cash to first-time buyers, was the message from Housing Minister Simon Coveney yesterday when it was revealed that house prices surged in the first quarter of this year.

With price increases virtually stagnant last year, reaching just 1pc in Dublin, a report from MyHome.ie revealed that annual house price inflation is now running at 10.2pc. In the rest of the country, it's 9pc. According to the report, this translates to an average asking price nationally of €239,000, up €12,000 on the previous quarter, and a figure of €347,000 in Dublin, up €19,000 in just three months.

Coincidentally, this significant growth in prices is in tandem with the introduction of the Help-to-Buy scheme for first-time buyers and a relaxation of the Central Bank mortgage lending rules.

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