Fianna Fáil’s housing plans risk cutting supply of new homes – Minister English

• FF’s SSIA scheme will not add one extra house
• Voters should be wary of Fianna Fáil promising old policies that wrecked the economy

Fianna Fáil’s SSIA scheme for first time buyers will deliberately exclude aspiring homeowners and risks cutting supply of new homes, Fine Gael Minister Damien English has said.  Their ideas for first time buyers’ are the old, tested and failed policies of the past.

“Fianna Fáil are being completely reckless with their promises on housing again.  It is the one area you would have thought Fianna Fáil would tread carefully one given their track record in this area.  Instead we have seen Fianna Fáil propose ideas that according to respected commentators could well put a pause on delivery of new housing supply.

“Their idea for a SSIA will not help to build or provide one extra home. It will cap the number of applicants to 25,000 a year, meaning some first time buyers will be excluded. This is really worrying as last year one-third of homes purchased in Ireland were by first-time buyers.

“Once you go behind the headlines of Fianna Fáil announcements, there is little of substance. Voters should carefully scrutinise their policies and look behind the headlines.

“The Help to Buy Scheme introduced by Fine Gael was specifically designed to both help first time buyers and drive up supply of new homes. It is proven to work, and has helped almost 16,000 first time buyers purchase a new house or apartment. Fine Gael has a track record of increasing supply after the collapse of the house building sector. Fine Gael is committed to ramping up housing supply to the level needed to meet demand.”

“Fianna Fáil have serious questions to answer on their reckless housing proposals.  It has been 24 hours since Fine Gael put these questions to Fianna Fáil and we’ve heard nothing back. Today I am asking the same questions.

SSIA

• Why is there a cap on the number of applicants every year at 25,000? Does Fianna Fáil believe in excluding aspiring home owners?
• Can Fianna Fáil explain how this cap will work? What guarantees can they provide that the first 25,000 joining the scheme will buy a house? What if people’s circumstances change?
• What measures are in place to prevent owners of existing homes or parents on behalf of their children from joining the scheme?
• Can Fianna Fáil set out how they will ensure savings are used for house purchases? How will it work with Help to Buy?
• Why will it take three years before any payments are made to aspiring homeowners?
• What will it do to increase supply?

Help to Buy

• Can Fianna Fáil explain how the Help to Buy scheme will be expanded?
• Will it include new and second hand homes?