Dáil Éireann Debate, Tuesday - 17 May 2022
261. Deputy Cathal Crowe asked the Minister for Finance if he will issue guidance on whether the help-to-buy scheme will be extended to 2023; if his Department will, in conjunction with the Department of Housing. Local Government and Heritage examine other schemes to assist those looking to buy a home will be rolled out; and if he will make a statement on the matter. [24634/22]
Amharc ar fhreagraIn my Budget 2022 address, I announced that a formal review of the Help-to-Buy (HTB) scheme would take place this year. The terms of reference for the review are as follows:
"To examine all aspects of the Help-to-Buy scheme (s.477C of the Taxes Consolidation Act 1997) including its design, its operation, the extent to which it has met its key policy aims of assisting first-time buyers of new homes to fund their deposit and encouraging the building of additional new properties.
In doing so, the review should explore the cost effectiveness of the scheme to-date, including the issue of deadweight. It should also examine the impact of the scheme on house prices since inception.
The findings should present an assessment on a national basis while highlighting any regional aspects.
Having regard to the Government’s Housing for All strategy, and in particular to other initiatives included in Housing for All that have the same broad policy objectives as currently apply for the scheme, to examine whether there is a continued role for Help-to-Buy and, if so, to present options on how such role might best be fulfilled in the most efficient and cost-effective manner in the medium to long term, including on the question of any transitioning.
As part of the overall context, the review should draw on experience internationally and offer views in this regard as appropriate.
The study should be completed by c.o.b. Friday, 24 June 2022."
A tender process for the review exercise closed early last month and a contract for the review is currently being finalised. The review is intended to be fundamental in nature and to help inform decisions on the future of the scheme.
The Housing for All strategy sets out the Government's housing policy aims and objectives and, in addition to commitments in relation to the HTB scheme, includes proposals for other measures that have the same broad policy objectives as HTB.
Also, as is clear from the terms of reference above, it is expected that the HTB review will take account of these measures as part of its work.
In the circumstances, it would not be appropriate at this point to make any statement about the future of HTB beyond 2022. In addition, the question of examining further measures beyond the scope of the HTB scheme as mentioned by the Deputy does not arise at this stage.
