Schemes helping ownership
Housing initiatives are driving up home ownership according to Senator John Cummins
Fine Gael Senator, John Cummins, has said housing initiatives backed by his party are driving higher output and home ownership across the country.
Speaking in the wake of the recent publication of the Quarter 1 Housing For All report, Senator Cummins said it displayed the impact Government backed initiatives are having.
“In the first three months alone, a record setting 11,956 new homes began construction, a 63 per cent increase on the same period in 2023,” he said.
“Additionally, the popularity of the Vacant Property Refurbishment Grant, with 4,376 applications approved nationwide show clearly that these supports are delivering,” he added. He said approval to extend the waiver for development levies and the rebate for water connection charges, will further ensure that progress continues.
Senator Cummins said that if the current pace continues the 47,824 housing units will have commenced by the end of the year. He said that would “feed through to the completion statistics for 2025” and that’s why both schemes were extended.
“Perhaps given the overwhelming evidence of commencement statistics for the past five months, opposition parties will come out and admit that their disapproval of these measures was misguided at best,” he said.
“We want to ensure this good work continues,” he added. Senator Cummins said around 500 first time buyers are purchasing new homes every week in Ireland and many are doing so with the support of Government backed schemes which, according to him, opposition parties want to abolish.
“The First Home scheme, which launched in July 2022, aims to bridge the gap for eligible purchasers between the maximum mortgage they can attain through a participating lender and the price of a new home, with maximum ceiling prices applying in different parts of the country,” he said.
“Today we are announcing a further €40 million in state funding for the scheme,” he added.
The Help to Buy Scheme has to-date assisted 46,875 individuals and families in providing first-time-buyers with up to €30,000 in the form of an income tax rebate towards the cost of a deposit.
“As a party, we want to see this extended for a further five years to give certainty to prospective purchasers or those wishing to build their first home,” he said, before adding: “On vacancy, an issue I am exceptionally passionate about, we now have over 4,300 approvals issued under the hugely popular Vacant Property Refurbishment Grant."
