'People now know where they stand'

The extension of the help-to-pay scheme in Budget 2020 will bring some balance in mortgage market activity over the next two years.

That’s according to Joey Sheahan, Head of Credit at MyMortgages.com, who says that the extension is a welcome one, despite not pleasing everyone.

“While the 2020 extension is welcome, there will be many people who will be disappointed that it was not expanded to include certain second time buyers who need to move due to growing family numbers, changing personal circumstances, but who are stuck in a rut given current market restraints,” said Mr Sheahan.

He said that the market and developers now “finally have the certainly” they need and that, more importantly, thousands of first time buyers (FTBs) throughout the country have the certainty they have been waiting for.

He said: “Given that this scheme has helped 15,000 FTBs since its introduction, there can be no doubting its importance to and influence on the Irish property market at the moment.

“Ultimately, the announcement will bring some balance in mortgage market activity over the next 12-24 months. People now know where they stand and can plan accordingly. With property prices increases slowing, we would hope that 2020 will be a more hospitable place for FTBs at least.”