A Clare contractor believes the government’s ‘First Home’ scheme is coming at a good time for the construction industry.
The €400m equity scheme is available to people who’ve been approved for a mortgage by AIB, Bank of Ireland and Permanent TSB, and is designed to help first time buyers escape the rental trap.
The state will provide a maximum stake of 30% if the buyer is not availing of the help to buy scheme, and 20% if they are.
It comes as an Ennis auctioneer predicts that house prices could rise in Clare because of the scheme.
Diarmuid McMahon from Sherry Fitzgerald McMahon auctioneers says while increasing house prices in Clare may allow more developers to build, we’re ultimately hamstrung by the planning process.
However, Ciaran Breen of Ciaran Breen Construction has been telling me that the scheme should have a positive impact, but only if house prices remain at their current level.
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