Fine Gael has unveiled new legislation which will ensure fire time buyers are protected from losing their deposit.

The Bill has been sent to the Oireachtas by the party's Dublin North West TD, Noel Rock, and will be presented to Dáil Éireann later this year.

Deputy Rock said the current law states if a buyer's loan approval fails, they are at risk of losing their deposit which could be up to €20,000.

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"Buyers could stand to lose their deposit if they do not have this clause included, which in the last year more developers have become reluctant to include," he said.

"It is scandalous that we are allowing developers to add a needless extra level of stress on a purchaser as they see fit. We need to do what is right by the purchaser in such cases and we need to act now to help them. We are allowing developers to get away with, as some might see it, daylight robbery.

"When the Dáil reconvenes, I will present a Bill to the chamber and start working towards a fairer housing market for the purchaser and for all first time buyers."

(LM/MH)