The Minister described the plan as underwhelming saying it set out in great detail the Party’s hostility towards home buyers. It also confirms that first time buyers would be approximately €95,000 worse off under the Sinn Féin plan.
Commenting, he said: "While the document is called “A Home of your Own” it really should have been called “A Home You Will Never Own”. Through a multitude of pledges, this document sets out how the Party will scrap, abolish, end and restrict key supports for prospective home owners.
"While we have known of their opposition to key supports for some time now it is quite stark to see their ideological resistance to supports for home buyers in black and white. The document sets out how they will:
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• Scrap the Help-to-Buy scheme which has helped 48,000 buyers to date
• End the First Home ‘Bridge the Gap’ Scheme which has had more than 5,200 approvals
• Restrict the Vacant and Derelict Property Grants which has had more than 6,000 approvals
• Abolish the Land Development Agency who will deliver 14,000 new affordable and social homes by 2028 including Shanganagh Castle which is launching this month
• Get rid of development levy waivers and Uisce Eireann charge rebates which are making developments viable.
• Close the Croí Conaithe Apartment Supply Scheme for owner occupiers
• Stop the current Tenant Purchase Scheme meaning social housing tenants cannot aspire to own their home
• Reverse zoning decisions creating widespread uncertainty
• Prevent any household with an income of €90,000 from accessing affordable housing.
"With the exception of a very convoluted affordable leasehold purchase scheme where you don’t actually own the home you buy, you can’t sell it to whomever you wish to, and most worryingly the banks might not even give you a mortgage for, there is very little in the Sinn Féin plan which would inspire confidence," Minister O'Brien said.
"In fact, one of the most worrying aspects is that the only initiative they are planning to introduce to support first time buyers of private homes is a stamp duty exemption which will be worth a maximum €4,500 for a purchaser. Under current Government supports between Help-to-Buy and the First Home Scheme first time buyers of new homes can avail of up to €100,000 – meaning they will be €95,000 worse off under the Sinn Féin plan."
