A scheme to help first time buyers purchase their first home has been described as a "flop" by Fianna Fáil.

The scheme, which was introduced a year ago, has benefitted only 74 applicants and a total of 118 applications from first time buyers for a refund of DIRT paid over the previous four years have been received.

Finance spokesperson Michael McGrath said: "Of these, 31 are currently being processed and 74 applicants have received a refund of DIRT amounting to around €74,880. 13 applications have been refused.

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"It is now clear that the scheme to provide relief from DIRT for first time buyers has been a major disappointment. In fact it the outcome is an insult to the thousands of people who are struggling to buy their first home.

"A chronic lack of supply, exorbitant interest rates, the abolition of mortgage interest relief and the new Central Bank rules on deposits have combined to make home ownership increasingly unaffordable for young people. These are the real issues that the government should be focused on if they genuinely want to assist first time buyers."

(CD/MH)