Richard Bruton (Dublin Bay North, Fine Gael) | Oireachtas source

I welcome the budget housing initiative. There is to be a 49% increase in the capital allocation for housing next year, a significant investment that underpins the detailed action plan for housing issued by the Minister, Deputy Simon Coveney. Action is to be taken under the plan across a range of areas. As admitted by the Deputy, it provides for the provision of 47,000 social homes. There are other initiatives to help builders to start to build, including the affordable rent scheme and the upfront payment for social housing within private schemes. We recognise, of course, that there is a housing supply problem. From my experience in my area, very few starter homes are being built. There are plenty of expensive infilled homes to trade up, but there is a real problem in the starter home market. In the light of the deposit requirement set by the Central Bank for good banking reasons, the Minister for Finance has made provision in the budget for a help-to-buy scheme. First-time buyers of new homes will receive a tax rebate of up to €20,000 which will be immediately reckonable in meeting the deposit requirement about which the Deputy has expressed concern. This will immediately help more young people to get into the starter home market. The Deputy can see with his own eyes that there is no movement in the market. An analysis has been carried out of its different parts and how they are moving. The starter home market is one in which there is low volume and no movement.

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