Doherty to ask cabinet colleagues to extend Help to Buy Scheme

East Meath TD and Minister for Employment Affairs and Social Protection, Regina Doherty today publicly called for the Help to Buy Scheme to be extended in the forthcoming Budget.

Introduced in 2017, the scheme was designed to help first-time buyers with the deposit required to purchase or build a new home. It is due to expire this year. 

Speaking today Minister Doherty said: “I will be advocating at the Cabinet table for the Help to Buy Scheme to be extended. The scheme has assisted 12,000 people to have deposits for their first home – including many in Meath. I want local young families in this county to have as much support as possible to getv on the first rung of the property ladder and this initiative has been a great help in doing just that. Additionally, by helping people into the market, the scheme also encourages more builders into home construction – providing much needed additional housing stock in Meath and beyond.”

Last week it was revealed that the future of the Help-to-Buy scheme was uncertain with ministers refusing to say if they wanted to see it extended in its current form in the upcoming Budget.

The grant of up to €20,000 for first-time buyers purchasing new-build homes is due to expire at the end of the year.

Finance Minister Paschal Donohoe will announce news on its future in the Budget.

Introduced in the Budget in 2017, the Help to Buy Scheme provides an incentive for first-time property buyers by helping them with the deposit they need to buy or build a new house or apartment. They must buy or build a property to live in as their own home and the scheme provides for a refund of income tax and DIRT paid over the previous four tax years, limited to a maximum of 5pc of the purchase value of a home up to a value of €500,000.