According to reports this morning it is understood that the Government’s proposed new scheme to assist first time buyers will be back dated to this month when it is offically unveiled this coming October.
The proposed new scheme that will see the Government offering a a lump sum to would be first time buyers in return for an upfront tax rebate system will apparently be annouced by the new miniser for housing Simon Coveney in this October’s Budget.
It is thought that many Government Minister’s are in favour of the scheme as it will see more demand for social hosing, Speaking at the recent launch of the Government’s plan for housing Mr Coveney said: “There was a delicate balance to be struck.” “What you don’t want to do is increase the capacity of first time buyers to spend more without actually having a correspondence in an increase in supply, so this needs to be a supply boost as well as a help-to-buy plan.”
“I think it will be done through the tax system in the form of a rebate and there will obviously be parameters with it in terms of the value of the house a first-time buyer gets support to buy”.
He also added: “We are not in the business of supporting the purchase of mansions.”