€8.6M approved in local Help to Buy claims

More than 450 prospective first-time house buyers in County Cavan have claimed close to €8.6 million under the government's Help to Buy scheme.

Revenue figures show that 453 people have been approved, with the average claim amount near €18,900.

The Help to Buy scheme is intended to assist first-time purchasers with the deposit needed to buy or build a new house or apartment. The incentive gives a refund on income tax and Deposit Interest Retention Tax (DIRT) paid over the previous four years, subject to limits.

In order to avail of the benefit, the loan-to-value ratio (LTV) for a property must be 70% or more.

First announced in Budget 2017, the scheme was amended and extended in Budget 2024 to enhance its interaction with the Local Authority Affordable Purchase Scheme (LAAP).

The scheme has been extended to December 31, 2025.

By comparison, 130 buyers of first time builders in Leitrim have claimed in the region of €2.5M, with the average payment at €18,900; 171 in Longford shared €3.2M (€18,700); 5,268 in Meath, with total approval for €108.7M (€20,600); and 488 in Monaghan, totalling 9.5M (€19,500).