Mary Lou McDonald (Dublin Central, Sinn Fein) | Oireachtas source

I ask about the help to buy scheme, which is part of the finance Bill to be published today. The scheme, which will provide a rebate of income tax over the four previous years up to 5% of the purchase price of new build homes, is a deeply flawed and dangerous scheme. Before the Government pressed ahead with the launch of this scheme last week, the overwhelming majority of expert opinion told them it would not work and would make the housing situation worse. The reports on its impact on property prices since then confirm that and bear out that expert view. The asking price for new build homes is reported to have significantly increased in various parts of the State, effectively wiping out any potential benefit for the help to buy scheme. The reported changes to the scheme on foot of the Central Bank concerns do not make the scheme any more workable. Fianna Fáil's proposal to include second homes goes against the thrust of the scheme, which we were told was to drive up the supply of affordable first-time homes. This was a very bad proposal to begin with. It will not help first-time buyers. It will not increase the availability of new build homes, and it will add to the crisis in housing for which this Government is responsible. Will the Government do the sensible thing, even at this stage, and scrap this scheme?

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