Fianna Fáil has slammed the Government for making it increasingly difficult for first time buyers to purchase their first property.

Senator Thomas Byrne has described the Tanáiste Joan Burton’s apparent last minute conversion as entirely lacking in credibility.

Senator Byrne commented: "In July, Fianna Fáil was provided with figures which show that just 47 people have qualified to date for the government's scheme to provide relief from DIRT for first time buyers. The reality is that this was little more than a gimmick and of real benefit only to cash rich property investors. The actual benefit is a fraction of what first time buyers used to get from mortgage interest relief and in most cases will be less than their property tax bill. Only €2.8m is being set aside for the scheme, an average of €294 for each first time buyer. This is only a drop in the ocean in terms of the costs of affording your first home.

-- Advertisement --

"While we support sensible deposit requirements for first time buyers of 10% on houses up to €220,000 the application of rules for non-first time buyers has had a knock on effect on the supply of starter homes. A much tougher approach was adopted in relation to non-first time buyers requiring them to have a full 20% deposit.

"The Government's policy seems to be driven by a determination to impose European rates of home ownership in Ireland."

(CD/LM)