I propose to take Questions Nos. 182 and 183 together.
Housing for All is a radical plan that sets out four pathways to a sustainable housing system. Affordability and the chance to own a home is at the heart of this Government’s housing policy. It recognises that significant new supports are needed so that those who want to own their own home can do so, and that those who wish to rent are able to do so at an affordable rate. Pathway 1 ‘Supporting homeownership and increasing affordability ' addresses this issue and sets out a number of key actions in this regard.
The objective is to supply 300,000 new homes by 2030, meaning an annual average of at least 33,000 homes per year. This includes an average of 10,000 social homes and 6,000 affordable homes made available each year for purchase or rent up to 2030. This will have a dramatic impact on the provision of housing and will significantly help facilitate house buyers.
Specifically, regarding middle-income families wishing to buy homes, Housing for All contains a multi-pronged approach to supply and improving affordability.
The Local Authority Affordable Homes scheme and the First Home scheme are primarily focused on supporting first-time buyers purchasing newly built homes. Both of these schemes will be targeted at households constrained by the maximum mortgage and deposit available to them. The gap between the market value and what the household can afford (including with the assistance of the ‘Help to Buy’ incentive) will be bridged via the provision of equity support. The equity support can subsequently be redeemed at any time at the home-owners discretion, or remain outstanding until the home is sold or passed on.
In addition, new higher-rate stamp duty measures and planning permission restrictions have been introduced that will minimise the bulk buying of traditional family homes. I also plan to introduce a new form of ‘Owner-Occupier Guarantee’ which will enable Local Authorities to specify a minimum proportion of the houses in a new development for owner occupiers.
The Croí Cónaithe (Cities) Fund will stimulate the activation of some apartment developments for sale to individual purchasers. The Land Development Agency (LDA), through Project Tosaigh, will intervene in slow or stalled developments with landowners in order to unlock and accelerate the delivery of affordable homes.
Housing for All is backed by historic levels of investment with in excess of €20bn through the Exchequer, the LDA and the Housing Finance Agency over the next 5 years. There is a targeted approach right across the country to supply housing where it is needed most. This is supported by updated planning guidance, additional State land provided for housing, and an increase in funding for Local authorities to acquire new land so that they can deliver social and affordable homes at scale. Collectively, these measures will improve affordability for all families or individuals wishing to purchase a home, including first-time buyers wishing to purchase an existing home.