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No plans to change the housing system, although property values ​​have risen

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Housing Secretary Darragh O’Brien has no immediate plans to raise home price limits on municipal mortgages despite the rise in the cost of new homes.

The minister told Sinn Féin’s Eoin Ó Broin he was keeping the market values ​​of properties that could be bought or built under the scheme under review.

However, there are currently no plans to change the house price limits.

House prices continue to climb higher, according to three separate price surveys released this week.

According to Daft.ie, there was an average price increase of 8.4 percent in the first three months of the year

This was the seventh straight quarter of house price inflation.

Figures from the Central Bureau of Statistics show that house prices shot up again in January as pressure on potential buyers does not seem to be abating.

They rose 14.8 percent nationwide for the year.

Mr Ó Broin asked in the Dáil whether the housing minister had any plans to review house price limits on municipal mortgages given the rising cost of new homes.

The Local Authority Home Loan is a government-backed mortgage for those on modest or low incomes who cannot get a mortgage from the banks to buy or build a home.

It has been available nationwide from municipalities since January of this year.

The loan can be used for both new and used real estate or for self-construction. It is the successor to the Rebuilding Ireland Home Loan.

Mr O’Brien told the Dáil the scheme is available for first-time buyers and first-time applicants and can also be used for home purchases through government programs such as the Tenant Purchase Scheme and Affordable Housing Schemes, with the exception of the First Home Scheme.

The maximum market values ​​of property that can be bought or self-built is €320,000 in Counties Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow, with €250,000 in the rest of the country.

This limits the loan amount to a maximum of €288,000 in Counties Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow and a maximum of €225,000 in the rest of the country.
The program supports homeownership among low- to middle-income households by reducing the cost of mortgage financing and increasing the level of financing available, particularly for single applicants in urban areas, Mr O’Brien said.

But he said there are currently no plans to change house price limits.

However, this situation will be further examined.

The minister said it should also be noted that the local authority home loan is available for both new and second-hand homes.

https://www.independent.ie/business/personal-finance/property-mortgages/no-plans-to-change-housing-scheme-despite-surge-in-property-values-41502985.html No plans to change the housing system, although property values ​​have risen

Fry Electronics Team

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