Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I thank Senators for their contributions. As part of the plans of 2020, the help-to-buy scheme was amended so that the level of support available to first-time buyers was enhanced to the lesser of €30,000, 10% of the purchase price of a new home or the amount of income tax and DIRT paid in the four years before the application date. The duration of the scheme in this enhanced form was extended for a further year each in the Finance Acts of 2020 and 2021, with the latter providing for a revised sunset date of 31 December 2022. Revenue has advised that owing to its data collection methods, it is not possible for it to distinguish between claims made under the original scheme and the enhanced scheme. As a result, precise uptake figures that are disaggregated in terms of original and enhanced claims are not available for analysis. However, Revenue has indicated that in broad terms, 17,500 claims under the scheme have a claim-approved date of 23 July 2020 or after, and correspond to a total of €438 million under the scheme. There were 19,100 claims with a claim-approved date prior to 23 July 2020. Those corresponded to a total of €285 million.

In respect of the recommendation put forward by Senators, it should be noted that a review took place earlier this year and despite a number of issues identified, it is recommended that the scheme be extended in its form for two further years. As announced in my budget 2023 address, I decided to extend the scheme until the end of 2024, thus aligning with the recommendation in the review. The rationale for this further extension was to provide certainty to purchasers and developers alike, while allowing sufficient time for measures under Housing for All to take effect. I noted in my budget address that there are a number of recommendations within the report which the Government should consider for future budgets. I remind Senators that Revenue statistics on the uptake and costs of the help-to-buy scheme are published on the Revenue website on a monthly and annual basis.

Having regard to the fact that a comprehensive review of the help-to-buy scheme has taken place and that the Government has taken stock of this, I am not in a position to accept the recommendation put forward by the Senators. The main reasons for that is the report was undertaken so recently and the information the Senators are looking for is available on a monthly basis on the Revenue website. In respect of Senator Warfield's point regarding the inflationary impact of the scheme, I will inform the House that the report indicated there was not sufficient data available to indicate that the scheme, of itself, was having a significant effect on inflation. Leaving aside the impact and analysis of the report, this scheme covers a small share of the total number of housing transactions that take place in our State every year. The scheme is confined to first-time purchases and to new supply, including self-build homes. For that reason, the total number of transactions that benefit from the help-to-buy scheme is very much a minority of the overall transactions of homes that take place in our State each year. For those reasons, I do not accept it is having a significant effect on price trends or movements within our property market.

I thank Senators for raising those different issues. Much of the data my colleagues are looking for is available through the Revenue website. I am, therefore, not in a position to accept the recommendation. I ask my colleagues to consider that point.