Government Considers New Savings Scheme to Support First-Time Home Buyers
Dublin: Taoiseach Micheál Martin has announced that the government is actively exploring the introduction of a new savings and investment scheme aimed at assisting first-time home buyers and boosting housing supply. The proposal, originally put forward by the Social Democrats, is currently under review by economic experts.
The Taoiseach referenced similar initiatives in other European countries, including the UK and France. In the UK, for example, a government-backed scheme allows individuals to save up to £200 per month towards the purchase of a home. Upon buying their first property, savers receive a 25% government bonus—up to a maximum of £3,000. In France, a comparable incentive programme also functions as a mechanism to support housing development by channelling public savings into homebuilding projects.
“This is an idea with potential. We’ve asked economists to examine how such a model could be adapted for Ireland to support both buyers and the construction of new homes,” said Martin.
Additional Housing Measures
Alongside the proposed savings scheme, the Taoiseach confirmed that the Rent Tax Credit, currently valued at €1,000 annually, will be increased. During the last election campaign, Martin committed to at least doubling the credit, and the government is now working toward fulfilling that pledge.
Martin also reiterated the government’s commitment to the Vacant Property Refurbishment Grant, a key element of its housing strategy. The grant helps cover the cost of renovating homes that have been unoccupied for more than two years, aiming to bring disused properties back into the housing market.
Meanwhile, the Help-to-Buy scheme, which offers up to €30,000 in tax relief for first-time buyers, will be maintained. However, Martin noted that no major expansion of the programme is planned at this time.
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