Sinn Féin Vows to Eliminate Housing Subsidies in Election Commitment
Sinn Féin is set to unveil a transformative housing policy next month, signalling significant changes to current government schemes. If elected, the party proposes to phase out the Help to Buy scheme over five years. Starting in 2026, the grant available under Help to Buy will decrease from €30,000 to €24,000, with a €6,000 reduction each year until 2029, concluding with final payments in 2030. Additionally, Sinn Féin plans to revise the scheme’s rules, requiring buyers to secure an 85% mortgage instead of the current 70%.
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Sinn Féin Proposes Immediate Cuts to Housing Subsidies, Focusing on Private Development Support
Immediate cuts are also planned for several government housing subsidies, including the First Home shared equity scheme and the Local Infrastructure Housing Activation Fund. In their place, Sinn Féin aims to support private residential development through new measures. These include reducing debt costs for smaller builders, implementing stricter zoning rules, expanding Compulsory Purchase Orders, and reforming state funding for development projects.
The party’s housing spokesman, Eoin Ó Broin, has pledged to deliver 175,000 new homes over five years. This approach focuses on reducing house prices by addressing supply issues and limiting inflationary pressures from existing subsidies. Detailed costings of the plan will be released in early September.
