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Micheál Martin Alamy Stock Photo

Fianna Fáil pledges to 'at a minimum' double the Renters' Tax Credit in the next government

Under Fianna Fáil’s plans, the tax credit could be boosted to at least €2,000.

FIANNA FÁIL WILL “at a minimum” double the Rent Tax Credit, expand the First Home Scheme, and look at increasing the Help-to-Buy grant to get money into the hands of people who are renting or buying homes. 

In a wide-ranging interview with The Journal, Tánaiste and Fianna Fáil leader Micheál Martin outlined some of his party’s housing priorities as the general election approaches.

Under Fianna Fáil’s plan, the Rent Tax Credit would be boosted to at least €2,000 per person, after already increasing in October’s Budget to €1,000.  

Speaking to The Journal about Fianna Fáil’s housing manifesto pledges, which will be published next week, Martin said that people need to have some financial pressure alleviated and the tax credit would help. He said: 

At a minimum, we would like to double it in the next government.

When asked about the Help-to-Buy grant, which offers a tax rebate of up to €30,000 to people looking to buy new builds, Martin said “it may have to be increased”. 

“We can look at that, but I think it’s quite generous as it is,” he said, adding the next government can look at the scheme on an ongoing basis. 

Help-to-Buy

He criticised Sinn Féin’s plans to scrap the grant, stating that people want to know that it will be available to them over the next number of years so they can plan accordingly.

Sinn Féin’s plan to get rid of it will “crucify first-time buyers, in my view, and so would getting rid of First Home Scheme”. 

The Fianna Fáil leader said that the manifesto will also have details on the expansion of the First Home Scheme to second-hand homes.

The First Home Scheme is a shared equity scheme for first-time buyers that involves the government and participating banks paying up to 30% of the cost of the home in exchange for a stake in it, which can later be bought back by the home buyer.

Currently, the scheme is only available to first-time buyers who are purchasing a newly-built property or building their own.

“We do believe the First Home Scheme should be extended to second hand homes, particularly in areas of the city here in Dublin or in other cities – the traditional areas where families lived – to enable people to have some chance of buying homes in areas where no new houses are being built,” he said.  

When asked if such a move could result in an increase in house prices, Martin said the Central Bank’s figures indicate that the impact of both Help-to-Buy and the First Home  Scheme have not been significant in terms of house price inflation.

Last month, a financial stability note from the Central Bank found that average users of the Help-to-Buy scheme tended to be higher-income borrowers who purchased larger, more expensive home, but didn’t look into the effect the scheme has had on house prices. 

In terms of Rent Pressure Zones, which cap rent increases at 2% per year, Martin said they need to be looked at in future to ensure they’re still working, but they do have a role to play. 

“They will be reviewed, but I think they have succeeded in keeping the prices of existing rents capped at that level. Not new ones, but certainly existing ones,” he said.  

Martin said supply is the key issue, stating that more houses need to be built fast. 

“I think we have brought about huge change in housing, but not enough in terms of what we have to do,” he said, acknowledging that building 60,000 houses by the end of the next term of government is necessary. 

“That is the challenge,” he said.

Fianna Fáil wants to keep housing ministry 

The Tánaiste said Fianna Fáil wants to retain the Housing ministry if the party is in the next government, saying that his party has historically been the one that rolls out house building projects. 

Referring to former housing minister Eoghan Murphy’s new book, which describes how he experienced pushback to his ideas from former Taoiseach Leo Varadkar and Public Expenditure Minister Paschal Donohoe, Martin said “there is resistance internally to a lot of this”.

“In our view, the market, on its own, will not solve this, and that is why there has been extraordinary state intervention,” he added.

When asked if Murphy’s testimony of his time as minister and the obstacles put in his way was a common occurence, Martin said Fianna Fáil too experienced pushback from “officialdom” when they entered government in 2020. 

“We said to the secretary-generals [in the civil service], ‘this is the most important issue facing government and we need to really change the paradigm around housing’. It’s existential. It goes to the essence of cohesion in our society. Irish people want the aspiration to own their own homes,” he said. 

Martin added that officials told him they didn’t believe certain measures should happen.

“There was a tendency to say the market should be allowed to determine everything. The market was failing for the last four to five years prior to going into government. And our view is, we have to get involved. And it does mean very significant government expenditure, and it has meant very significant government expenditure, but the results are now beginning to show,” he said. 

What sets FF and FG apart

When asked what separates Fianna Fáil from Fine Gael when it comes to housing, Martin said: 

I think the level of state intervention sets us apart.

He criticised the Fine Gael-led housing policy between 2016 and 2021, when Fianna Fáil was in a confidence-and-supply agreement with FG, saying that in that period before 2020, there was a tendency to say that Ireland shouldn’t be as focused on home ownership. 

“That was a trend in Europe, [where] they’re all renting. And I think that filtered its way into housing policy, and I think it had a very detrimental impact on housing.

Martin said Fianna Fáil pushed for strong state intervention, both on social housing and on the affordable side.

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    Mute Phillip Smyth
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    Aug 3rd 2024, 3:44 PM

    Never liked them just noise lead singer loves himself, his daughter is lovely though.

    89
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    Mute John Fagan
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    Aug 3rd 2024, 3:59 PM

    @Phillip Smyth: You sound like a dirty old man.

    245
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    Mute ecrowley ecrowley
    Favourite ecrowley ecrowley
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    Aug 3rd 2024, 4:02 PM

    @John Fagan: Tyler’s daughter is 40 odd. I think he’s ok.

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    Mute donal O'brien
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    Aug 3rd 2024, 4:08 PM

    @ecrowley ecrowley: much closer to 50.

    36
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    Mute ecrowley ecrowley
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    Aug 3rd 2024, 4:10 PM

    @donal O’brien: She probably is at this stage.

    19
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    Mute Brian D'Arcy
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    Aug 3rd 2024, 4:22 PM

    @John Fagan: A bit like Steven Tyler so who had the parents of an underage teenager sign an agreement that she could have sex with him.

    32
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    Mute Karen Marten
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    Aug 3rd 2024, 4:35 PM

    @Phillip Smyth: ha I think you mixed up with metallica

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    Mute Diarmuid Concannon
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    Aug 3rd 2024, 10:33 PM

    @Karen Marten: that comment by Philip has nothing to do with Metallica. Hetfield, as far as l know is a relatively humble guy, for rock star standards.

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    Mute damien leen
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    Aug 3rd 2024, 7:00 PM

    Dream On…An amazing song.!

    45
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    Mute Brian Dunne
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    Aug 3rd 2024, 4:16 PM

    Cryin’ is a great song. The rest all sounds a bit similar to me but love steven tyler, he was every inch a rock n roll star.

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    Mute Pat Barry
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    Aug 3rd 2024, 3:57 PM

    Going down?

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    Mute Finian McG
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    Aug 3rd 2024, 4:03 PM

    @Pat Barry: yes….walk this way..

    28
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    Mute Pat Barry
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    Aug 3rd 2024, 4:35 PM

    @Finian McG: …not if Janie’s got a gun.

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    Mute Finian McG
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    Aug 3rd 2024, 4:50 PM

    @Pat Barry: janey, that would be Armageddon lad! ..now it’s back to the Olympic’s for me… I don’t want to miss a thing..

    22
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    Mute Pat Barry
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    Aug 3rd 2024, 4:52 PM

    @Finian McG: My schedule’s Wiffen at 17.37 tomorrow, anything of note in the meantime?

    5
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    Mute Finian McG
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    Aug 3rd 2024, 5:09 PM

    @Pat Barry: Van Halen with Sammy Hagar?…//youtu.be/STVcNX7anGU?si=ElZoM_h_Uq9FoWMo

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    Mute Finian McG
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    Aug 3rd 2024, 5:12 PM

    @Finian McG: the link is ‘,why can’t this be love’…’ Sammy was a mad bastid lol ..

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    Mute Chaotic State
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    Aug 3rd 2024, 5:00 PM

    Aerosmith one of many true rock bands they had some great song’s over the year’s – the first concert I went to as a young teenager, was lucky to see them live at the Boston Gardens in the USA
    They had a lot of good song’s over the year’s
    Never forget the he song from the film Armageddon
    “I don’t want to miss a thing” 0

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    Mute Karen Marten
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    Aug 3rd 2024, 4:52 PM

    Pink .Angel . Crazy Crying . Janies gotta

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    Mute John Fagan
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    Aug 3rd 2024, 4:59 PM

    @Karen Marten: Dude looks like a lady.

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    Mute Karen Marten
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    Aug 3rd 2024, 5:24 PM

    @John Fagan: yes. Brilliant walk this way

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    Mute Paul Hackett
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    Aug 4th 2024, 6:16 AM

    @Karen Marten: sweeeeet emotion

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    Mute Nigel Hayden
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    Aug 3rd 2024, 4:20 PM

    Tyler and Perry were known as the toxic twins in their day, they lived every excess the rock and roll lifestyle

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    Mute Temp Stuff
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    Aug 3rd 2024, 5:21 PM

    @Nigel Hayden: handbags, corporate style

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    Mute Patrick Westman
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    Aug 3rd 2024, 4:35 PM

    Love Aerosmith, but as a non-touring artist myself, it’s hard to build a following.

    https://distrokid.com/hyperfollow/patrickwestman/someones-soul

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    Mute Kevin Kerr
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    Aug 3rd 2024, 3:40 PM

    All I have ever heard are bland covers

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    Mute ecrowley ecrowley
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    Aug 3rd 2024, 3:45 PM

    @SYaxJ2Ts: Never judge a band by their cover(s). They have some fantastic tracks.

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    Mute Kevin Kerr
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    Aug 3rd 2024, 4:03 PM

    @ecrowley ecrowley: I’ll take your word for it – Nova regularly play their cover of Run DMC’s Walk This Way. I always think to myself on hearing it, what was the point in that?

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    Mute ecrowley ecrowley
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    Aug 3rd 2024, 4:09 PM

    @SYaxJ2Ts: A foundational crossover of rock and rap. Paved the way for a huge amount of music that is still around today. Some of it questionable, mind you.

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    Mute Kevin Kerr
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    Aug 3rd 2024, 4:34 PM

    @ecrowley ecrowley: well holy moly, I always thought Walk This Way was a Run DMC original. Learn something new etc and so on…

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    Mute Kevin Kerr
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    Aug 3rd 2024, 9:02 PM

    @Andrew Clavin: haha, well I defo prefer Run DMC’s version!

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    Mute Paul Hackett
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    Aug 4th 2024, 6:19 AM

    @SYaxJ2Ts: obviously your not a fan and haven’t a clue what your saying but you’ll say it anyway because your a mo ron

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    Mute Kevin Kerr
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    Aug 4th 2024, 9:18 AM

    @Paul Hackett: no need for personal abuse, a$$hole

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    Mute Paul Hackett
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    Aug 4th 2024, 9:27 AM

    @SYaxJ2Ts: you do enough of abuse on here yourself but you can’t take it snowflake

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    Mute J Bolton
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    Aug 4th 2024, 7:45 PM

    @SYaxJ2Ts: think you’ll find Aerosmith wrote it and recorded it originally. Or are you being sarcastic?

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    Mute Pól Pot
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    Aug 3rd 2024, 4:48 PM

    No, not exactly. Liv back in the day, yeah. So kinda.

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    Mute Tom
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    Aug 3rd 2024, 9:24 PM

    Foster & Allen are far better , not that I’d listen to either.
    Ha Ha

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    Mute Benny Colreavy
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    Aug 3rd 2024, 5:24 PM

    Time for that Permanent Vacation.

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    Mute I Am
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    Aug 3rd 2024, 10:34 PM

    UN.ORG REPLACEMENT MIGRATION

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    Mute Damien O'Sullivan
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    Aug 3rd 2024, 7:32 PM

    The singer looks like a giant ball sack

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    Mute Alan Kennedy
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    Aug 3rd 2024, 8:19 PM

    Don’t like mullet music!

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    Mute Paul Hackett
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    Aug 4th 2024, 6:53 AM

    @Alan Kennedy: never heard of mullet music is that new or did you just make it up thinking your cool

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    Mute Luan Willis
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    Aug 4th 2024, 9:51 AM

    @Paul Hackett: … you’re

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    Mute Joan Grennan
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    Aug 4th 2024, 7:53 PM

    His vocal chords must be made of steel to have lasted so long .But he was and is a true legend .The song Don’t want to miss a thing is insanely good love love love it

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