Largest ever housing budget will help build homes and ensure home ownership – Cummins

Budget 2025 contains vital measures to ensure more people can own their own home, according to Fine Gael Senator and party Spokesman on Housing John Cummins

Senator Cummins said: “Budget 2025 contains the largest ever housing budget in the history of the country and will support those seeking to purchase their own home and build their futures.

“The budget is being boosted from the sale of AIB shares, €1.25 billion of which will go to the Land Development Agency, bringing the total amount of funding available to the LDA to €6.25 billion.

“This will support the construction of an additional 3,000 affordable purchase and cost rental homes. In addition, the First Home Scheme will receive an additional €80 million which will support the purchase of an additional 2,000 homes, in addition to the 5,400 purchasers that have been supported through the scheme to date.

“The Help to Buy scheme is being extended until 2029, providing €30,000 to first time buyers across the country. Since its introduction by Fine Gael, the Help to Buy initiative has assisted 50,000 individuals and families to get the keys to their first time. Sinn Féin want to abolish both of these successful schemes.

“I am delighted that the inheritance tax threshold will be increased to €400,000, a significant win for middle income families who inherit a home following the death of a loved one.

“Renters will be supported with an increased renter’s tax credit of €1,000 for individuals, and €2,000 for couples, a €250 increase per person which will support people saving to buy their own homes.

“Fine Gael are committed to helping the most vulnerable in society and that is reflected in the housing budget with €75 million allocated to adapt the homes of older people and people with a disability. A €303m budget for homeless services, and €90m to retrofit 2500 social homes in Budget will also have a major impact across the country.

“The increased stamp duty on the bulk purchasing of homes by investors from 10% to 15%, coupled with the changes already made will protect homes for young purchasers and this is something I have pushed for with colleagues” Cummins said.

“While opposition parties seek to punish aspiring homeowners by scrapping essential schemes, Fine Gael are extending and enhancing them. Sinn Fein’s housing plan and alternative budget are deeply flawed and anti-homeownership.

“At the weekend, Mary Lou McDonald finally admitted the banks had ‘issues’ with their proposals. Sinn Féin need to outline what these are and why the banks won’t support them,” Senator Cummins said.

“Recent commencement figures, mortgage approval rates, and other key metrics on First Home purchases all highlight the significant progress being made by Fine Gael on housing across the country.

“Fine Gael and my party colleague Minister Alan Dillon are working hard to ensure that home ownership is achievable for far more people. Budget 2025 builds on the foundations which have been laid and will support those who wish to get on the property ladder,” Senator Cummins concluded.