Skip to main content
Normal View

Housing Policy

Dáil Éireann Debate, Tuesday - 8 March 2022

Tuesday, 8 March 2022

Questions (237)

Richard Bruton

Question:

237. Deputy Richard Bruton asked the Minister for Housing, Local Government and Heritage if he is monitoring the price of starter homes in Dublin city; if he is satisfied that the ceiling of house prices for local authority loans at €320,000 is providing purchasers qualifying for this loan with a sufficient range of homes to purchase particularly in the coming year when the new sources of affordable homes are still in the planning phase. [12386/22]

View answer

Written answers

The Housing For All strategy will deliver 36,000 Affordable Purchase homes and 18,000 Cost Rental homes up to 2030. These homes will be delivered through Local Authorities, Approved Housing Bodies, the Land Development Agency and the First Home shared equity scheme (a strategic partnership between the State and participating mortgage lenders).

The Local Authority Home Loan is a Government backed mortgage for those on modest or low incomes who cannot get sufficient funding from commercial banks to purchase or build a home. It has been available nationwide from local authorities since 4 January 2022. The loan can be used both for new and second-hand properties, or to self-build. It is the successor to the Rebuilding Ireland Home Loan.

It is available for first-time buyers and fresh start applicants and can also be used for the purchase of homes through State schemes such as the Tenant Purchase Scheme and Affordable Housing Schemes, with the exception of the First Home Scheme. 

The Scheme supports home ownership amongst lower to moderate income households by reducing the cost of mortgage finance and increasing the level of financing available, particularly for single applicants in urban areas.

The maximum market values of the property that can be purchased or self-built are:

- €320,000 in the counties of Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow, and

- €250,000 in the rest of the country.

This limits the amount that can be borrowed to no more than €288,000 in the counties Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow and no more than €225,000 in the rest of the country.

I have noted rising house prices, including in the Dublin City area. While there are no plans at present to change these house price limits, this situation will be kept under review.

Further information on the scheme is available on the dedicated websites

localauthorityhomeloan.ie/ and https://www.gov.ie/en/service/00500-local-authority-home-loan-scheme/.

Top
Share