Help to buy scheme rejects nearly half of applicants

Ireland's Help to Buy scheme has provided financial support to nearly 49,000 individuals since July 2020, according to new figures. The scheme aims to make homeownership more accessible for first-time buyers.

Despite the number of successful applicants, the data reveals a significant number of rejections or withdrawals, with nearly 40,000 applications not resulting in a home purchase. The scheme, initially introduced in October 2016, offers a percentage of the property price up to a certain limit, funded by past tax payments. This percentage was increased in July 2020, and the scheme has been extended until at least 2029.

To qualify, applicants must be first-time buyers purchasing a new build or self-build home and have paid income tax and DIRT in the preceding four years. While the scheme has proven popular, particularly in urban and commuter areas like Cork, Dublin, Kildare, and Meath, it has faced criticism for potentially driving up the prices of new homes.

Minister for Finance Simon Harris acknowledged the ambition of homeownership for many, stating, "Our job is to make that ambition a reality." The figures indicate a strong demand for the scheme, with over 88,500 applications received since July 2020.

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Owning a home remains one of the biggest ambitions for many individuals and families. Our job is to make that ambition a reality.