Dáil Éireann Debate, Wednesday - 19 October 2016
48. Deputy Michael McGrath asked the Minister for Finance the details of any impact assessment on the property market carried out by his Department in respect of the help to buy tax rebate for first time buyers; the person or body that carried out such an assessment; if he will publish the assessment; the other analysis that was completed by his Department on this measure; and if he will make a statement on the matter. [31167/16]
View answerA key priority for this Government is to develop a fully functioning housing market that responds adequately to the needs of our citizens. To this end, Rebuilding Ireland- Action Plan for Housing and Homelessness, under the direction of Minister Coveney and the Department of Housing, Planning Community and Local Government, with cross Departmental support including from the Department of Finance, was launched in July.
This comprehensive Action Plan takes a holistic approach in addressing the many interacting structural constraints affecting the housing market in areas such as planning and land use, regulation and skills deficits in the construction sector. While the primary focus of the Action Plan is to tackle structural constraints, fiscal supports can play a supporting and time-bound role in addressing the current problems in the housing sector, pending the delivery of the structural elements of the Action Plan.
My officials considered the potential impact of the "Help to Buy" incentive, as part of their analysis of the proposal and the design of the relevant parameters of the incentive. Given the critical nature of the housing crisis and the urgency with which a Governmental response was required, there was insufficient time to commission an independent impact assessment in relation to this measure.
