Party sources told The Times that it would be retained for the entire five-year term of the proposed coalition, despite criticisms that it primarily benefits wealthier homebuyers.

A spokesperson for Fine Gael told the paper that it had “helped almost 16,000 first-time buyers to purchase their first home” and will be continued “for the duration of the next Dáil”.

Darragh O’Brien, housing spokesperson for Fianna Fáil, added: “While it is not the most perfect model, it does help and first-time buyers in my own constituency would not have been able to buy homes without it.”