Help to buy scheme rejects nearly half of applicants
Almost 49,000 people have received financial support from the Government's help to buy scheme since July 2020, new figures show.
The Help to Buy scheme, introduced in 2016, has provided financial assistance to nearly 49,000 applicants since July 2020, according to new figures. However, nearly half of these applicants either did not draw down the support or had their applications rejected. In total, 48,878 people received help over the past six years, out of 88,532 applicants. This means that around 40,000 applications resulted in rejection or no home purchase.
The scheme aims to make buying a first home more affordable by offering up to 10% of the property price, up to €30,000, to qualifying applicants. To qualify, individuals must be first-time buyers with no previous property purchase experience, purchasing a new or self-build home, and have paid income tax and DIRT in the past four years. The scheme was extended until at least 2029.
Cork, Dublin, Kildare, and Meath have seen the most applications and approvals, indicating that the need for the scheme is particularly high in Ireland's urban and commuter areas. Tánaiste and Minister for Finance Simon Harris responded to the figures, emphasizing the importance of homeownership for many individuals and families.
Harris stated that while the scheme has helped thousands of first-time buyers secure the deposit required, there is still more work to be done to increase housing supply and provide practical supports like Help to Buy.
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