Fine Gael backed housing initiatives are driving higher output and home ownership across the country – Cummins

Today’s publication of the Quarter 1 Housing for All report showcases significant Government achievements in driving higher housing output and home ownership, a Fine Gael Senator has said.

Senator John Cummins said: “The report evidently displays the impact Government backed initiatives are having. In the first three months alone, a record setting 11,956 new homes began construction, a 63% increase on the same period in 2023. Additionally, the popularity of the Vacant Property Refurbishment Grant with 4,376 applications approved nationwide show clearly that these supports are delivering.

“Cabinet’s approval to extend the waiver for development levies and the rebate for water connection charges will further ensure that this great progress continues. There is no question that the Development Levy waiver and Uisce Éireann connection rebate scheme has resulted in a huge increase in the number of homes which have commenced construction this quarter.

“If this pace continues, we can project the commencement of 47,824 housing units by the end of this year which will obviously feed through to the completion statistics for 2025. That is why we have extended both schemes to the end of September and the development levy waiver until the end of the year.

“Perhaps given the overwhelming evidence of commencement statistics for the past five months, opposition parties will come out and admit that their disapproval of these measures was misguided at best.

“We want to ensure this good work continues. It is a fact that approximately 500 First Time Buyers are purchasing their first home every single week in this country, many with the support of government backed schemes which opposition parties want to abolish.

“The First Home scheme, which launched in July 2022, aims to bridge the gap for eligible purchasers between the maximum mortgage they can attain through a participating lender and the price of a new home, with maximum ceiling prices applying in different parts of the country. Today we are announcing a further €40 million in state funding for the scheme.

“The Help to Buy Scheme, which to date has helped 46,875 individuals and families, was introduced by Fine Gael in 2017 to provide first-time-buyers with up to €30,000 in the form of an income tax rebate towards the cost of a deposit. As a party, we want to see this extended for a further five years to give certainty to prospective purchasers or those wishing to build their first home.

“On vacancy, an issue I am exceptionally passionate about, we now have over 4300 approvals issued under the hugely popular Vacant Property Refurbishment Grant which gives up to €70,000 in support to turn a derelict and vacant property into a home to live in or rent out. These schemes are working for individuals and families right across the country and we are determined to ensure we continue the progress which is being made.” Senator Cummins concluded.