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.

______________________________________________________________________________________________________
If you have a story for us, sports news, an event happening in your area, or if you want to submit pictures or videos, contact the Offaly Express team via e-mail to justin.kelly@iconicnews.ie, or through our Facebook.

More News

Buy the e-paper of the Donegal Democrat, Donegal People's Press, Donegal Post and Inish Times here for instant access to Donegal's premier news titles.

Keep up with the latest news from Donegal with our daily newsletter featuring the most important stories of the day delivered to your inbox every evening at 5pm.