From today’s indo.
A CONTROVERSIAL Government plan to get first-time buyers on to the property ladder can today be unmasked as an expensive flop.
Just four people have applied for the Home Choice Loan scheme, which could end up costing the taxpayer almost €300,000 in administration costs this year alone…
…Maria Javorova, a spokeswoman for the EU Competition Directorate, told the Irish Independent it had received around 250 complaints from Irish people about the scheme.
She said the Commission was assessing the complaints and would soon be deciding whether the scheme amounted to State aid for property developers.
“According to most of the complainants the Home Choice Loan scheme would entail an unfair treatment in favour of big property developers and construction companies in Ireland at the expense of the second hand property seller,” said Ms Javorova.
“**Moreover the scheme could have the effect of stopping house prices falling further to their market-adjusted level, **distorting competition in the residential housing market and in the banking market.”
- Shane Phelan and Denise Clarke