Fine Gael commits to €40 billion housing budget and increased support for first time buyers delivery of 303,000 new homes by 2030 if returned to Government

• Capital injection of €40bn to be provided out to 2030 to supply 303,000 new homes in places people want to live
• Party outlines plans to extend and increase Help to Buy and First Home Schemes

Fine Gael has today (Monday) announced a €40 billion plan to deliver 303,000 new homes by 2030, with a target of 60,000 per year by the end of that period  .

If re-elected to Government, Fine Gael has pledged to increase and extend schemes for first time buyers to ensure that people are assisted in making home ownership a reality. The Party will do this by raising the relief under Help to Buy scheme to €40,000; a 33% increase since the last adjustment in 2020. We are extending the First Home Scheme to first-time buyers of second-hand homes. Both schemes will be continued for a further five years.

Taoiseach Simon Harris said: “Housing is the country’s biggest challenge and my party’s number one priority. Fine Gael is the party of home ownership. We want to get young people out of their parents’ box rooms and into homes of their own. From the moment, I became party leader, I said we needed to scale up our ambition on housing and that is what this plan delivers. We have fully costed a very significant investment package which balances the right mix of housing supply to meet our target of 303,000 by 2030 and provides more help for first time buyers.”

Minister Paschal Donohoe said: “Fine Gael has long acknowledged that housing is the number one issue for many people. The entire system was on the floor when we came to Office and we set about rebuilding Ireland’s housing sector to the point now where supply is really ramping up. In the first nine months of the year, almost 50,000 homes were commenced; that is an increase of more than double what was being built at same time last year and works out at more than 180 homes everyday. But we know Ireland needs more homes, and we need them faster.”

Minister Alan Dillon said: “That is why today we are committing to building more than 300,000 new homes, in line with the housing targets set recently by Government and will invest to ensure that the homes that people need, right across the country, are delivered to the highest specifications, in the places that people want to live. We will do this by targeting 50% of new homes in the five major cities—Limerick, Galway, Waterford, Cork, and Dublin—and 50% across in the rest of the country.”

Fine Gael is dedicated to supporting individuals and families in getting on the property ladder and in purchasing their own homes by:

• Building 12,000 affordable homes for purchase annually by 2030;
• Increasing the geographic spread of Affordable Purchase schemes by collaborating with local authorities to expand affordable purchase options in all counties;
• Set a target of an 8-week turnaround from ‘sale agreed’ to handing over the keys, supported by e-conveyancing and e-probate for faster processing to home ownership.
• Support the LDA to deliver more homes by unlocking State land for housing, including Project Tosaigh, targeting land with unused planning permission;

• Building 12,000 Social homes per year by 2030;

Fine Gael Galway East Candidate, Auctioneer, Niamh Madden said: ‘By not only building new homes but making better use of what we already have, we can further boost supply and provide the housing solutions that make a real difference ensuring that we are adding significantly to the housing stock annually. By expanding the areas covered by the Living City Initiative, and promoting “Over the Shop” Living, which was a commitment in the recent Dublin City Report launched by An Taoiseach, Simon Harris, we will not only breathe new life back into the hearts of our towns and cities but we will be able to deliver exciting and vibrant accommodation options for those who aspire to live there’.

Additional important measures to support housing development and ensure housing system meets the needs of all citizens, include:

• Allocating increased funding to improve water and wastewater services; 
• Recognising the value of building thriving communities and family support structures, especially in rural Ireland by taking a practical approach to one-off housing;
• Employing Modern Methods of Construction (MMC) in public housing projects and expanding modular housing options;
• Targeting more apprentices annually, especially in construction, and strengthen links between education providers and the sector;
• Prioritising securing private tenancies and other accommodation to prevent homelessness;

• Raising the Rent Tax Credit to €1,500 per renter, or €3,000 per couple, to alleviate rental costs and support tenants in managing expenses;
• Continuing the Landlord Tax Credit until 2030 for landlords who stay in the rental market, encouraging stability; and

• Exploring the idea of Cost Rental Housing for Frontline Workers, ensuring key workers can live close to their places of work.

Minister Donohoe concluded: “Fine Gael led the revival of homebuilding after the financial crisis, tripling housing output between 2011 and 2020 under the ‘Rebuilding Ireland’ initiative, and have continued this progress with ‘Housing for All’ since 2021. Through careful stewardship of our economy, we have been able to invest record levels of funding into Housing year after year, which we will continue to be able to do into the future. Momentum is with us. We are seeing real growth in the number of houses coming on stream and housing output is strong. Fine Gael in Government will continue this progress making home ownership a reality for aspiring homeowners.”