Dáil Éireann Debate, Thursday - 21 June 2018
77. Deputy Catherine Murphy asked the Minister for Finance if an analysis or a survey has been undertaken to measure the uptake and success of the help-to-buy scheme; if the scheme will be extended and or modified in budget 2019 to take into account market increases in the valuations of dwellings for sale; and if he will make a statement on the matter. [27278/18]
Amharc ar fhreagraAs the Deputy may be aware, in 2017 my Department commissioned an independent impact assessment of the Help To Buy incentive (HTB). Following a competitive tender process, Indecon Economic Consultants were awarded the contract to undertake the assessment and the resulting report was published by my Department on the day of Budget 2018.
The report analysed issues such as uptake, design of the incentive, and any potential impact on house prices. Based on the results of a number of analytical approaches, the report found that HTB had not, to date, had a measurable effect on house prices.
The report itself can be found at the following link:
http://www.budget.gov.ie/Budgets/2018/Documents/HTB_Independent_Impact_Assessment_Sept2017.pdf
My Department also committed to the carrying out of an independent Cost-Benefit Analysis of the incentive, which is currently underway and due to be completed in advance of Budget 2019.
The findings of this analysis will, alongside other factors, go towards informing my deliberations for Budget 2019. Until such analysis is complete, I am not in a position to comment further on the specific issues raised by the Deputy.
Finally, as the Deputy may be aware The Help to Buy legislation, as passed by the Oireachtas in Finance Act 2016, contains a sunset clause of 31 December 2019.
