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Help-to-buy scheme expansion already inflating property prices

The expansion of the help-to-buy scheme is having a major impact on the housing marking as it has already inflated property prices.

Sinn Fein say it has evidence that auctioneers and developers have increased the price of homes in Cork, Dublin and Kildare by €10,000 in response to the expansion of the help-to-buy scheme.

The expansion to the scheme is part of the July stimulus package and offers first time buyers a tax rebate of up to €30,000, as opposed to €20,000.

Housing spokesperson with Sinn Fein, Eoin O'Broin says it is inevitable.

"I'm not surprised at all, Philip Lane when he was the governor of the Central Bank gave evidence to the Oireachtas Finance Committee.

"He said that these type of help-to-buy schemes don't actually help people to buy at all, they simply push up property prices.

"It would be much better if this money was invested in local authorities to deliver genuinely affordable homes rather than make private homes more expensive for struggling first time buyers.

Mr O'Broin says it just does not make financial sense to extend the scheme

"First time buyers don't get any benefit from these schemes whatsoever, in fact all it serves to do is push up the price and makes it hard for people to get on the property ladder.

"It is also just a terrible waste of taxpayers money.