The government’s Help-to-Buy scheme for first time buyers officially opened for business yesterday.
The scheme provides for payment equal to 5% of the property value on new homes up to a maximum of €20,000. Whilst announced in the October Budget, first time buyers could only apply from yesterday with 120 applications by lunchtime according to the Revenue Commissioners.
Applicants must register with the Revenue Commissioners and PAYE workers must complete up to four tax return forms as part of their application.
According to Goodbody Stockbrokers, "The number of applicants is likely to rise significantly in the weeks ahead as interested FTB’s register. We have mentioned previously that the scheme is likely
to be modestly helpful for mortgage lending in 2017 for the banks (we previously flagged a potential c.2-3% boost), but most specifically for Cairn Homes, as it ramps up production in the coming years to its target 1,200 new homes run-rate from an estimated 107 units in 2016 and 355 units in 2017."
Source: www.businessworld.ie
