Irish first-time house buyers might be about to get a break under new scheme

Those looking to get their first step on the property ladder might be in with some luck, for once.

There are reports this morning that the government is planning to bring in a scheme that will give "very generous" financial aid to first time buyers. The scheme will be based on upfront tax repayments, and is due to be introduced as part of Budget 2017. Housing Minister Simon Coveney is reportedly planning to unveil the measures later this week. However, the 'Independent' reports that the proposed relief will not be along the lines of what's available in the UK, where the state take a share in the new house. When the new minority Fine Gael government was formed earlier this year, its Programme for Government included a commitment to providing more social housing throughout Ireland. It pledged to "meet the target of building 25,000 new homes needed every year by 2020". It also said:

"Our approach to governing will be clearly seen in how we address the issues of housing and homelessness. Our ambitious policy agenda will deal with the shortage of new homes and increase housing construction to create a functioning housing market. We also want to keep families in their homes and avoid repossessions, where possible. To achieve this we will strengthen the existing mortgage arrears framework in a number of significant ways."

Last month, Coveney told the 'Irish Times' he wanted a majority of private houses built with the assistance of the state to be priced priced below €300,000.