Budget 2017 could have big implications for the housing market

October 7, 2016 MyHome.ie by MyHome.ie
Budget 2017 could have big implications for the housing market

Budget 2017 will be announced next week with plenty of interest in it from a property perspective.
The Government is widely expected to introduce a number of measures to address the lack of housing supply, with not only a ‘Help-to-Buy’ scheme mooted but also potentially measures to help reduce construction costs and reduce planning constraints by circumventing lengthy local authority procedures.
A recent MyHome.ie survey, contained in our Q3 Property Report released earlier this week in association with Davy, found that many are predicting a tax rebate for first-time buyers.
The fact only 11% of respondents to the survey expected a government scheme to provide cheap loans to buyers, along the lines of the UK Help-to-Buy schemes, shows that at least people are against a return to the days of cheap credit.
Indeed, the majority of those question on the matter at 48% said they would prefer measures to help homebuilding with 40% seeking tax reliefs for homebuyers.
Speculation in the papers today suggest a first-time buyers’ grant worth up to €20,000 will be announced but only remain open for a limited period, which could be as short as two years.
This is because Minister for Finance just wants to kickstart construction rather than for it to become a standard measure.
The Government's housing plan, 'Rebuilding Ireland', is based on package of measures until 2021 but it is expected that the first-time buyers' grant will have a much shorter lifespan, possibly just two years.
Final details of how the grant will work, including the thresholds for qualification, are still being finalised.
First-time buyers will be able to claim 5pc of the value of a new build back through an income tax rebate according to the reports.
What would you like to see done?

  • Are the measures being discussed enough to help ‘kickstart’ the market?
  • Should more be done to help builders get back building again?
  • What would you like to see implemented in Budget 2017?

Have your say below…

Advertisement
Tags:
Uncategorized Budget Budget 2017 construction construction costs first-time buyer

Related articles

Woman using mortgage calculator

Mortgage calculator

Ready to start house hunting but need to know how much you'll be paying on your mortgage? Our Irish mortgage repayments calculator will get you the answers you're looking for.

Start now →

Powered by doddl logo