Bringing Buyers Back: Return of the FTB Grant

...that's not a grant

It was announced earlier this week that first-time buyers are set to benefit from a new grant in the upcoming Budget.  The ‘Help-to-Buy’ scheme, which is likely to be given by way of a new tax-rebate scheme, is due to be announced in October; however, assurances have been given by the government that that any benefit will be backdated to this week.  These are the only details that have been made available so far but we will post the full details here as soon as they are announced.

The idea of this relief package is to help potential homebuyers who are finding it difficult to get their foot on the property ladder while paying rent.  It is good news for many but it doesn’t really address the big problem, which is the lack of supply for house hunters at the moment.  It feels a bit like the right move by government but at the wrong time.  The biggest problem is certainly a shortage of suitable, affordable starter homes, followed closely by the Central Bank rules that require first-time buyers to pay a 20% deposit on the portion of their new home that exceeds €220,000.  The Housing Minister Simon Coveney implied that the benefit will only apply to new builds and will not extend to second-hand homes. “Whatever we do, it will be on new houses to ensure that we are encouraging a dramatic increase in supply of new houses for first-time buyers. It’s not a grant”. 

There has been a lot of speculation about how substantial the payment might be - the figure of €10,000 has been thrown around - but we are unlikely to know for sure until Budget day in October.  This will be a difficult figure to get right as home buyers in Dublin are paying close to double the price for a 3/4 bed semi-detached house as that paid by new buyers in smaller regional towns nationwide.

Here are two of our houses that might just appeal to first-time buyers or for any family looking for a new home in Wicklow and Wexford:

Wicklow

2 Gorse Haven in Coolboy, Tinahely is an appealing five bedroom home situated within a development of only seven houses. The property has recently been decorated to a high standard and ready for its new family!

Wexford

2 The Road, Riverchapel Wood in Riverchapel (between Gorey and Courtown) is a spacious four bedroom, three storey house located close to Courtown beach and yet is under an hour's drive to Dublin. 

For specific queries or to speak with a local property expert about your buying and selling needs in Wexford, Wicklow and surrounding areas, contact Michael, Alan or Eileen Kinsella at www.KinsellaEstates.ie . 

Email me directly on michael@kinsellaestates.ie or telephone : +353 53 94 21718