Tuesday 10th October, 2023                                  

Budget 2024  -  IPAV Welcomes Help-To-Buy And Landlord Measures

Responding to today’s Budget, IPAV, the Institute of Professional Auctioneers & Valuers, welcomed the extension of the Help-to-Buy scheme to the end of 2025 and that Local Authority affordable purchasers would be included.

Pat Davitt IPAV Chief Executive said the scheme has been critically important in a market that is “reeling from the aggressive rise in interest rates and consequent tightening of lending conditions by banks.”

He said IPAV looked forward to contributing to next year’s review of the scheme. “We would like to see it extended to €40,000 on new properties for purchasers under age 40 and a new grant of €20,000 be brought in for First-Time-Buyers aged under 40 and purchasing second-hand homes,” he said. 

Mr Davitt also welcomed recognition of the difficult situation of private landlords with the new five year tax incentive scheme. “While welcome, unfortunately delivering between €600 a year in year one, increasing to €1,000 in year five, it’s unlikely to be significant in stemming the flow of private landlords from the market.”

He said agents throughout the country continue to see small landlords exit the market.

And he welcomed the liability date for the Residential Zoned Land Tax being extended by a year to allow for a review.  “We look forward to contributing to that review. Today’s decision is a wise one, given the flaws in the existing proposals as highlighted by ourselves and others,” he said.