I have called on the Government to provide additional supports to first time buyers of new homes.
“I have been contacted by many young couples who had their new homes costed and have been approved for a mortgage based on the costings but with the unprecedented rise in costs they cannot proceed with their houses”.
The Society of Chartered Surveyors (SCSI) estimate that houses building costs have risen in excess of 20% in the last 4 years.
It is also a finding of the SCSI Report on the real cost of housing delivery that 52% of the cost of a new house is taken up with land costs, VAT and other fees.
“The Government could immediately introduce a VAT refund scheme for first time buyers and self-build people.
The VAT can be refunded over the three-year time frame which will benefit first time buyers. The VAT rate is presently 13.5% and is an ideal measure to make houses cheaper and put money back into first time buyers accounts.
The VAT Refund Scheme is a sure way of helping young people who want to own their own homes and do not want to be a burden on the state”.