Brendan Burgess
Founder
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An interesting article by Fiona Reddan in today's Irish Times
What we know about the new first-time buyers package
I did not know that any scheme will be backdated.
"3) It will be backdated to July 19th. Announcing the scheme on July 19th, Mr Coveney said that any incentive will be backdated to this date, which should reassure FTBs who are hoping to buy before the budget. However, it is not yet clear what this date actually means – ie, does it apply to property buyers who go sale agreed after this date? Or does it apply to mortgage drawdowns? This could potentially exclude FTBs who bought a property in June, and drew it down in August."
That would argue strongly for a FTB who is thinking of buying to buy before the Budget. Any such scheme will probably push up house prices, all other things being equal.
If it's limited to newly built houses, as it should be, then it would have less of an impact on second hand houses.
Brendan
What we know about the new first-time buyers package
I did not know that any scheme will be backdated.
"3) It will be backdated to July 19th. Announcing the scheme on July 19th, Mr Coveney said that any incentive will be backdated to this date, which should reassure FTBs who are hoping to buy before the budget. However, it is not yet clear what this date actually means – ie, does it apply to property buyers who go sale agreed after this date? Or does it apply to mortgage drawdowns? This could potentially exclude FTBs who bought a property in June, and drew it down in August."
That would argue strongly for a FTB who is thinking of buying to buy before the Budget. Any such scheme will probably push up house prices, all other things being equal.
If it's limited to newly built houses, as it should be, then it would have less of an impact on second hand houses.
Brendan