Just as it seemed first time buyers were about to get a welcome helping hand, it seems a spanner has already been thrown in the works as the Finance Minister Michael Noonan has revealed that the Government’s grant to help first-time house buyers could result in increasing house prices.
The long awaited grant due to be launched in next month’s Budget was earmarked to help young people/couples get on the property sooner has already had a knock on effect when it comes to property prices.
Mr Noonan told the Budgetary Oversight Committee today that he cannot reveal too much in fear of disrupting the market, but did confirm that the Central Bank approved his plans.
The Finance Minister said: “Anything we’re doing, we’re doing with the full knowledge of the Central Bank.” “And the Central Bank knows exactly what I have in mind, and they approve of it.”
“So, you’ll see on Budget Day when we give the full details. I think it’s going to be a pretty good scheme.”