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Time running out for relief

POTENTIAL home buyers who want to benefit from the tax relief at source facility have until just the end of this month before the deadline is up.

Many of the main lending banks are saying first-time buyers who wish to avail of the mortgage interest relief scheme should have their applications submitted by October 31.

But property site MyHome.ie said many prospective buyers are largely unaware of the effective deadline and called for an extension of the interest relief measures.

Research from the company has indicated that it could be worth in the region of €20,000 to a couples buying their first properties -- depending on the kind of mortgage.

"We think the relief is a help to prospective buyers and the currently depressed market," a spokesman said.

Meanwhile, its latest survey found that almost two-thirds of first time buyers intend to buy a property in the next 12 months -- an increase of 13pc since February. But over a quarter of them (27pc) say they will buy in the next three months in order to take advantage of the measurers.