19 May 2022

Calls made for retention of Help-To-Buy Scheme

Auctioneers calls for retention of Help-To-Buy Scheme

Auctioneers calls for retention of Help-To-Buy Scheme

The Institute of Professional Auctioneers and Valuers (IPAV), which represents 1,100 auctioneering firms throughout Ireland, has called on the government to retain the under fire Help-To-Buy Scheme.

Earlier this week, the CSO's residential property price index showed inflation nationally increasing to 11.9%, but despite this, IPAV has said, "don't blame the help-to-buy scheme."

Pat Davitt, IPAV’s Chief Executive, pointed out that compared to their peaks, prices are still 29.5% lower in Dublin and 34.7% lower in the rest of the country.

“The CSO figures also show that a massive 91.5% of the dwelling purchases filed with the Revenue Commissioners in May were for existing rather than new buildings and of course the Help-to-Buy scheme, as currently constituted, applies only to first-time-buyers of new homes," Davitt said.

Mr Davitt said what is needed is a whole of Government approach to deal with “the absolutely chronic issue of the lack of supply.”

"These latest figures show an increase in purchases of 6.5% compared to May 2016.  That is merely an increase from an extremely low level of 2,881 to 3,067 in a market which some estimate needs 50,000 new homes per year," he added.

Mr Davitt concluded by saying more dramatic interventions on the supply side are urgently needed.

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