Budget 2017

Dáil Éireann Debate, Friday - 16 September 2016

Friday, 16 September 2016

Questions (198, 199, 200, 201, 211)

Josepha Madigan

Question:

198. Deputy Josepha Madigan asked the Minister for Finance if a person, a first-time buyer who purchased a house for €260,000 in the person's sole name, will qualify to apply for first-time buyer's assistance proposals to be announced in budget 2017 in circumstances where the purchaser signed the contract on 18 July 2016, the seller signed on 21 July 2016 and the sale will close on the 24 August 2016; the date the scheme will be backdated to; if this person will qualify for consideration regarding the date; and if he will make a statement on the matter. [24978/16]

Peter Fitzpatrick

Question:

199. Deputy Peter Fitzpatrick asked the Minister for Finance if the circumstances of a person (details supplied) in respect of possible changes in budget 2017 for first-time buyers will be considered; and if he will make a statement on the matter. [24980/16]

Billy Kelleher

Question:

200. Deputy Billy Kelleher asked the Minister for Finance if a person (details supplied) will be eligible for the new first-time buyers scheme; and if he will make a statement on the matter. [25077/16]

Mick Barry

Question:

201. Deputy Mick Barry asked the Minister for Finance the rationale for choosing 21 June 2016 as the starting point for eligibility for the proposed reintroduction of the first time buyers' grant; and the way he will respond to those persons who bought new properties a mere few days or weeks prior to this date who feel aggrieved that they will not be able to avail of this grant despite incurring similar costs to those who are eligible. [25107/16]

Clare Daly

Question:

211. Deputy Clare Daly asked the Minister for Finance his plans to backdate the first-time buyer's grant to the beginning of July 2016 rather than 19 July 2016; and if he will make a statement on the matter. [24554/16]

Written answers

Minister for Finance

I propose to take Questions Nos. 198 to 201, inclusive, and 211 together.

The Government is conscious that there is a supply shortage of housing and of the challenges faced by first-time buyers in meeting the macro prudential rules for home loans. As a complement to the structural actions in the Action Plan for Housing and Homelessness published on 19th July 2016, a new 'Help to Buy' incentive was announced. I will outline the full details of the incentive, including eligibility criteria and implementation method, on Budget day.

Subject to the approval of the Oireachtas, eligibility for the incentive will be back-dated to take effect from 19th July 2016. This was the date of the publication of the Housing Action Plan and the backdating was announced with a view to avoiding any interruption in house sales, through potential purchasers deciding to defer purchases, pending the commencement of the incentive.

While there may be individuals who are disappointed, as with all time limited reliefs, there will always be people who just miss out. Unfortunately, extending the parameters of this new measure any further would become less targeted and more costly.