Changes to the Help to Buy Scheme will make housing more unaffordable

Senator Rebecca Moynihan
24 July 2020

The changes to the Help to Buy Scheme announced as part of the July stimulus will make housing more unaffordable according to Labour Housing Spokesperson Rebecca Moynihan. 

Moynihan said the changes which will allow first-time buyers to reclaim up to 10% of the price of a new build, up from 5% do not address the core issue which is a lack of supply of affordable housing housing, they will only serve to push house prices even higher and put home ownership further out of the reach of working people.

Senator Moynihan said: 

“This represents an unwelcome return to form for Fianna Fáil and is nothing more than a bonanza giveaway to private developers. We are already seeing anecdotal evidence of house prices for new builds and sites for new builds having risen again less than 24 hours after the Minister announced the changes to the Help to Buy Scheme.

“What was announced in yesterday’s July stimulus in relation to housing will not benefit struggling renters. Many people have accumulated a significant amount of rent debt as a result of the pandemic and the Minister did nothing to address this. If he was serious about helping renters and aspiring homeowners, he should have announced more funding for direct build or significantly ramped up funding for local authorities to build social housing” 

Moynihan continued:

“The changes announced to the Help to Buy Scheme represent more of the failed Fianna Fáil and Fine Gael policies that created and worsened the housing crisis. It will only serve to push up house prices being a direct transfer from Government to developers of new builds.”

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