Dáil Éireann Debate, Tuesday - 18 October 2016
206. Deputy Michael McGrath asked the Minister for Finance the number of first-time buyers his Department expects to avail of the help to buy scheme, announced in the budget, in 2016, 2017 and 2018; if he is putting any cap on the maximum cost to the Exchequer in respect of the scheme; and if he will make a statement on the matter. [30888/16]
Amharc ar fhreagraAs the Deputy will be aware, the "Help to Buy" initiative announced in the Budget, will provide an income tax rebate to first time buyers to assist them in getting the deposit for their first home, as required under the Central Bank's macro-prudential mortgage rules.
There is no cap on the potential cost to the Exchequer of this scheme. As the initiative is demand-led, it is not possible to forecast the numbers of first-time buyers that will choose to avail of it on an annual basis. However, initial forecasts of the potential costs by my Department for the coming years, as outlined in Budget 2017, are based on figures in relation to the number of new homes built in recent years and the proportion of which are purchased by first-time buyers.
