Thursday, 18 May 2017
Department of Finance
Help-To-Buy Scheme Data
80. To ask the Minister for Finance the number of applications for the help-to-buy scheme; the amount it has cost to date; the value of homes acquired through the scheme below €200,000, €250,000, €300,000, €350,000, €400,000 and €450.000 respectively, in tabular form; and if he will make a statement on the matter. [23622/17]
There were 6,084 applications for the Help to Buy (HTB) incentive up to 11 May 2017; in the same period there were 1,677 claims.
The following table sets out the numbers of applications for the incentive.
|Stage 1: Applications made (approved)||1,041||2,580||3,621|
|Stage 1:Applications made (pending)||272||2,191||2,463|
|Stage 2:Claims made||894||783||1,667|
The purpose of the application stage of the HTB process is to allow would-be first-time buyers to determine whether, and to what extent, they qualify for the incentive.
In the above table "pending" means that the applicants either have to file an outstanding return or address a compliance issue, the application is to be reviewed by a Revenue caseworker, or the applicant needs to finalise his or her application. The processing time for pending applications depends on the time it takes an applicant to resolve any outstanding matters and Revenue is encouraging prospective applicants to file any necessary tax returns and resolve any outstanding issues before making the HTB application. The bulk of applicants to date are PAYE taxpayers and if a Form 12 tax return is outstanding it can be filed online very quickly by using "PAYE Services" in myAccount. If there is a tax liability outstanding it can be paid using the 'Payments' facility in myAccount. A HTB application can be approved automatically, and very quickly, on the online system where there are no outstanding issues.
Once an application is successful, the time taken for the claim to be submitted depends on the claimant. If he or she has the necessary evidence, which is a signed contract, mortgage agreement, deposit details, details of the property for first-time purchasers or, in the case of first-time self-build claimants, evidence of drawdown of the first tranche of the mortgage, the claim can be submitted. However, many applicants may never proceed to make a claim. Reasons for not making a claim include; individuals who do not go on to obtain mortgage approval, applicants may decide to purchase a second-hand property, or in situations where applicants are not able to source the new home that they desire.
There have been 1,677 claims to date.
More detailed information and guidance regarding the requirements for the scheme is available on the Revenue website.
The estimated total value of HTB claims paid to 11 May 2017 (including claims in respect of 2016) is €17.2 million. This represents approximately 70% of the claims made.
Value of homes
Revenue publishes HTB house value statistics in bands of €75,000 from €150,000 to €450,000. The following table sets out the most recent statistics (to 11 May 2017).
|Value||Number of claims|
HTB incentive statistics, including information on the value of properties availing of the incentive, are updated regularly by the Revenue Commissioners and can be accessed on their website at: .