Just 182 applicants in Mayo have availed of Government’s Help to Buy Scheme
Mayo ranks 12th in the list of counties with people availing of Help to Buy Scheme
When it comes to housing reliefs and grants, the level of knowledge and awareness amongst the general public is described as “too low” and is most likely resulting in widespread underutilization of the schemes.
This is the assertion made by experts at Taxback.com following their latest Taxpayer Sentiment Survey, which found that 57% of people do not know about the Help to Buy Scheme, which was introduced in Budget 2017 to help First Time Buyers save for a deposit for their first home, and which has been mooted to be extended past its end date of December 2019.
On the back of a difficult climate for First Time Buyers in Ireland, the leading tax refund specialists asked over 1,000 of their customers throughout the country about their awareness of this relief.
Eileen Devereux, Commercial Director of Taxback.com said,”house prices in Mayo have experienced a 10.4% growth rate in the last 12 months alone, so it’s safe to say that there are more than a few struggling to purchase their first home.
The survey indicates that these people may simply be unaware of their eligibility for the Help-to-Buy Scheme, which could save some people thousands. Of course, the Help to Buy Scheme may not be suitable to all First Time Buyers – but we would argue that certainly more than the 182 in Mayo to date should benefit from this initiative.”
Taxback.com say that even though the media appears to be dominated by discussions around mortgages, property and rates etc., it’s concerning to think people may not be fully informed as to the monetary assistances that are already out there.
The Help to Buy (HTB) incentive is a scheme for first-time property buyers. It will help you with the deposit you need to buy or build a new house or apartment. You must buy or build the property to live in as your home.
- be a first-time buyer
- buy or build a new property between 19 July 2016 and 31 December 2019
- live in the property as your main home for five years after you buy or build it
- be tax compliant, if you are self-assessed you must also have tax clearance.