Surge in online property searches following ‘help to buy’ scheme

Online searches for property more than doubled last week following the launch of the Government’s “help-to-buy” scheme.

The incentive, which was launched on January 3rd, offers homebuyers the chance to get up to €20,000 to put against a deposit on a new home.

According to property website Daft.ie, searches for new homes increased by 125 per cent over the last week compared with the same period last year.

Interest was strongest in the Dublin area, along with Kildare, Wicklow, Meath, Wexford and Limerick.

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"The greatest interest was in Clonsilla, with searches for new builds surging by 145 per cent. The Dublin 15 suburb has several new developments that qualify for the first-time buyer's scheme," said the website's communications manager Martin Clancy.

On average more than 1,000 property searches occur on the site every minute. The search rate appears unsurprising given the level of interest in the scheme. Last Tuesday, just hours after its launch, 120 first-time buyers had applied.

That number was expected to rise significantly in subsequent days and weeks. Those looking to avail of the scheme have first to register for the Revenue’s online tax affairs portals and, in the case of PAYE workers, complete up to four tax return forms as part of their application.