Mortgage Scheme Leads To Surge In Searches For Properties
Property website Daft.ie says there was a 9% rise in searches for properties that qualify for the new Government-backed mortgage scheme last week.
Under the plans, some first-time buyers can get a mortgage from local authorities for properties worth up to €320,000 in the greater Dublin area, Cork or Galway.
The cap in the rest of the country is €250,000.
The mortgages are available to couples who earn less than €75,000, or single people who earn less than €50,000.
Under the scheme, buyers can choose a fixed rate of 2%-2.25% interest for 25-30 years.
Applicants are able to apply for the scheme since yesterday.
According to Daft.ie, searches for properties in the higher tier increased by 11% week-on-week.
Searches for those in the lower threshold, meanwhile, were up 7%.
Martin Clancy from Daft.ie said: "Our research has revealed that the announcement has had a very definite impact on the property searches users are now making."
But NUI Galway housing expert Dr Padraic Kenna says there's a big difference between the numbers expressing interest and the numbers who'll be able to buy a home: