The First Home Scheme aims to increase price caps

The First Home Scheme will expand to thousands of additional buyers following increases in the price caps applied to qualifying homes.

Launched in July this year, the program is a €400 million fund designed to help first-time buyers bridge the gap between their mortgage, security deposit and the price of a new home.

The scheme aims to facilitate the purchase of up to 8,000 homes across Ireland over a five year period and is a joint venture between the State and three banks, AIB, Bank of Ireland and Permanent TSB.

The increase in price caps follows the first of the program’s semi-annual reviews of eligible properties and will take effect in early January.

The results of the review will now result in the scheme’s ceilings being increased by up to €75,000 in 30 of Ireland’s 31 local authorities.

These price cap increases now mean that any new home valued at €325,000 or less is eligible for the scheme across Ireland.

The scheme also includes homes priced up to €475,000 in some locations such as Cork City, Dublin City, Fingal, South Dublin, Wicklow and Dun Laoghaire-Rathdown. This increases the price caps at these locations by €25,000.

Meanwhile, the limit for houses in Cork County, Galway City and Kildare rises to €425,000. While this represents a €25,000 increase in the price cap for the cities of Galway and Kildare, it reflects a €75,000 change for homes outside Cork city.

The updates to the program will result in more people becoming eligible if their chosen home was previously above the price cap for their community area.

The next review of price caps is scheduled to take place in the middle of next year.

However, the price caps for qualified housing will remain unchanged until 2023. These limits are set at €500,000 in Dublin and Cork City or €450,000 in Galway City, Limerick and Waterford.

A total of 508 buyers in 23 counties were registered and received registration certificates in the quarter ended October 6 following the implementation of the First Home Scheme.

Two thirds of the Certificates of Entitlement issued were for buyers in Dublin, Kildare, Meath and Wicklow. According to the report, the remaining buyers were spread across 19 districts.

The program also noted that as of early October, a total of 1,862 potential buyers had expressed interest. Among them were 823 individuals and over 1,000 couples.

“That momentum has continued into the holiday season and we are on track to help many more people buy homes in 2023,” said Michael Broderick, Chief Executive of First Home Scheme.

“We promised when we launched in July that we would review price caps twice a year, and we’re excited to now be able to expand the program to a whole new group of buyers following our initial review.” The First Home Scheme aims to increase price caps

Fry Electronics Team

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