Help to Buy scheme

Sir, – I was fortunate enough to buy a home in Ireland a few years ago – but I wouldn’t call it easy. It took years of saving, compromise, and stress. I didn’t benefit from the Help to Buy scheme, which at the time seemed to offer a helping hand. Looking at how it’s played out, I now wonder if it’s done more harm than good.

Since its introduction, I’ve seen the prices of new builds inflate suspiciously close to the maximum rebate. Developers know the public purse will make up the difference, so prices rise accordingly. What was meant as support for buyers has turned into a gift for sellers. The real “help” has gone into the pockets of developers – not the people struggling to get a foot on the ladder.

Friends and younger colleagues – hardworking, decent earners – are now being priced out of their communities. The only homes within reach are often new builds on the edge of towns, with long commutes and poor infrastructure. The rebate doesn’t make these homes affordable. It simply makes unaffordable homes appear slightly less out of reach, while pumping more taxpayer money into a distorted market.

I say this as someone who’s been through the process and understands the pressure. Buying a home is never easy – but public policy shouldn’t be making it harder. It’s time to wind down the Help to Buy scheme and invest in measures that actually improve affordability and supply. – Yours, etc.