Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I am proposing to extend the scheme because it is helping to increase supply. The fact is that in 2022 supply increased by about 45% and it will increase further in 2023. We need to go beyond that, and I believe we will. I believe there are schemes starting today and homes being sold today that would not be built or sold in the absence of the help-to-buy scheme. Fundamentally, it is there to drive supply. All the evidence points to supply increasing. Yes, we also need to work to bring down costs. That is why the Minister for Housing, Local Government and Heritage suspended development contributions and water connection charges - because we must also try to make the construction of new homes viable. That is what the Government is seeking to do.

Certainty is important. In the absence of an extension of the scheme, at the end of next year it would end. I do not believe that would be the correct policy at a time when we are trying to drive supply and assist homebuyers in purchasing their first home. I believe that this is the right policy and, as I indicated on budget day, and I chose my words carefully, I will examine across the year what changes may need to be made to the scheme going forward, but that would be from 2025.