Bray People: “Calls to extend Help to Buy Scheme”

Bray People: “Calls to extend Help to Buy Scheme”

Posted on 01Aug

31/07/2019

Calls have been made to extend the Help to Buy (HBT) scheme to include second-time property buyers in Wicklow.

The HTB incentive currently only provides assistance for first-time buyers, aiding them with the deposit required to buy or build a new house or apartment.

However, Joey Sheahan, Head of Credit at MyMortgages.ie believes the scheme should be expanded to include all buyers of a primacy residence, not just first-time buyers.

‘There were 778 property purchases last year in Wicklow by people who had previously bought a property, but who wanted or needed a new home. The average cost was €352,532. This means these homeowners would have had to get an average deposit of €70,500 together before they could buy. It’s this 20% deposit that is a major stumbling block for second time buyers. And we believe that if the HBT scheme was to be expanded to include those who may have bought a home in the past but who now need to purchase a different primary residence, for whatever reason, then many more would be able to do so,’ said Mr Sheahan.

Furthermore, Mr Sheahan said the scheme should be extended beyond December 2019 when it is due to be discontinued.

‘In 2018 445 First Time Buyers (FTB) in Wicklow bought homes – given that we are seeing two in every ten FTB avail of the HTB scheme, had it not been available, this may well mean that 89 or more of these FTBs would not have been able to get on the property ladder. If the scheme does not live past December 2019, we will certainly see a dramatic fall off in the number of FTBs entering the market next year.’

Source: Bray People

MyMortgages Limited trading as MyMortgages.ie is  regulated by the Central Bank of Ireland.


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