Holly Cairns
Question:440. Deputy Holly Cairns asked the Minister for Housing, Local Government and Heritage when the limits on the first home scheme will next be reviewed. [13056/23]
View answerTuesday, 21 March 2023
Questions (440, 441)
Holly Cairns
Question:441. Deputy Holly Cairns asked the Minister for Housing, Local Government and Heritage the steps he is taking to ensure that the limits for the first home scheme are being consistently applied in all local authorities. [13057/23]
View answerWritten answers
I propose to take Questions Nos. 440 and 441 together.
The First Home Scheme, launched on 7 July 2022, supports first-time buyers in purchasing new houses and apartments in the private market through the use of an equity share model. Further information is available at: www.firsthomescheme.ie.
The scheme is overseen and managed independently by the First Home Scheme DAC. The rules of the scheme have been agreed by all of the scheme founders, including the participant banks (AIB (including EBS and Haven), BOI and PTSB) and the State. It is the responsibility of the First Home Scheme to apply all rules consistently and fairly to all applicants and without exception. The rules of the scheme are contained in the First Home Scheme brochure, which is available at: www.firsthomescheme.ie/media/3fidiubp/first-homes-brochure-2023.pdf.
First Home operates on the basis of providing support within house price ceilings using local authoity area geographical boundaries. At its launch in July 2022, it was announced by the First Home Scheme DAC that a review of price ceilings would be undertaken within 6 months. First Home has confirmed that this review was conducted towards the end of 2022 on the basis of the most up to date Residential Property Price Index data on the sales prices of new homes sold as published by the CSO, as well as a study of the prices of new homes available on the market, and also factored in an increase in construction costs over the period.
That review is now complete, and the revised price ceilings have been in place since 1 January 2023. The revised price ceilings are available at: www.firsthomescheme.ie/about/property-price-ceilings/ . First Home has confirmed that a review of price ceilings will take place every 6 months to ensure they remain fit for purpose.
Question No. 441 answered with Question No. 440.