Fergus O'Dowd (Louth, Fine Gael)

What about savings? How will someone get an extra €22,000 on 1 December when that person cannot afford the house on 1 January? This issue is at the core of Fine Gael policy. We are asking the Government to introduce a special savings scheme, like the SSIA, which will help young people who are saving to buy a home. That is the kernel of our problem. It would cost €50 million in one year. Under the scheme, first-time buyers would receive €1 for every €3 saved, provided those savings are used for a deposit on a house. No tax or interest would apply and the recipient must show regular monthly savings for a minimum of two years. The scheme would operate for both new and second-hand houses.

Regardless of changes in the market and how our parties differ politically, young people today cannot buy a house of their own. They can least afford it in Dublin city. The Minister of State spoke last night about areas where starter homes were available for €140,000. These houses are very rare indeed — one would not get a garage for that money in Dublin.

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