Affordable purchase scheme timing
Deputy Bruton argued that the affordable purchase system gives developers too little certainty because buyers cannot express interest in advance. The Minister of State said expressions of interest happen before homes are built and would raise the first home scheme with the Minister.
Today, we read that new house prices are believed to have peaked at levels like €310,000 in the midlands and €464,000 in Dublin. It is true that, with the assistance of Government schemes, these can now be purchased using mortgages of under €300,000. However, because these schemes do not allow buyers to express advance interest in being purchasers under the affordable purchase schemes, there is no register of likely buyers and developers of multi-unit developments often feel it too risky to put those homes up for sale. In my constituency, there is a pipeline of 3,700 affordable homes on public lands, but only 10% of those are likely to be for affordable purchase. The rest will be cost rental. We can change that if we allow a pipeline of potential purchasers to be identified in advance.
Comment on this
I thank the Deputy for his question. It is a matter that he has raised previously. I will make a number of points. Under the local authority affordable purchase scheme, local authorities are involved with developers in building homes and seek expressions of interest for them from the public.
Comment on this
No, before they are built. Extending the first home scheme so that people can express an upfront interest in availing of it needs to be considered. I will take this matter up directly with the Minister, Deputy Darragh O’Brien, and our Department.