Dáil Éireann Debate, Tuesday - 27 February 2024
261. Deputy Louise O'Reilly asked the Minister for Housing, Local Government and Heritage if he is aware of concerns in Fingal that the ceiling for the first home scheme is insufficient; if he is aware of queries as to the reason the ceiling for an apartment is higher than a house; if these ceilings will be subject to review; and if he will make a statement on the matter. [8640/24]
View answerThe First Home Scheme, which launched in July 2022, is a shared equity scheme, designed to help bridge the gap for eligible first-time buyers, eligible homebuyers, and self-builders, between their deposit and mortgage, and the price of their new home (within price ceilings established across the country). Full details are available on the First Home Scheme website, www.firsthomescheme.ie.
The First Home Scheme Designated Activity Company (DAC) is fully responsible for the operation of the First Home Scheme on behalf of all shareholders, including price ceiling reviews. The price ceilings of the First Home Scheme are reflective of CSO data showing the median price paid for a new-build home by a first-time buyer by area. The price ceilings for apartments under the First Home Scheme reflect the higher cost of delivering apartments, particularly in urban areas.
At its launch, the First Home Scheme Designated Activity Company (DAC) announced it would review all price ceilings at 6-month intervals. Three reviews have taken place to date, with the most recent one conducted towards the end of last year, which took effect from 1 January 2024 and is available at the following link: www.firsthomescheme.ie/about-the-scheme/property-price-ceilings/
