Thomas Gould
Ceist:223. Deputy Thomas Gould asked the Minister for Housing, Local Government and Heritage if the first home scheme will only be available for new builds. [35569/22]
Amharc ar fhreagraTuesday, 5 July 2022
Ceisteanna (223, 225, 226, 227)
Thomas Gould
Ceist:225. Deputy Thomas Gould asked the Minister for Housing, Local Government and Heritage if a person’s deposit must be 10% before or after the equity share in the first home scheme. [35571/22]
Amharc ar fhreagraThomas Gould
Ceist:226. Deputy Thomas Gould asked the Minister for Housing, Local Government and Heritage the sale limit for homes under the first home scheme, by county. [35572/22]
Amharc ar fhreagraThomas Gould
Ceist:227. Deputy Thomas Gould asked the Minister for Housing, Local Government and Heritage the protection that is in place under the first home scheme to ensure it is aimed at those who need assistance most, given the reports that the help-to-buy scheme has assisted a large number of people to purchase a home who did not need assistance. [35573/22]
Amharc ar fhreagraFreagraí scríofa
I propose to take Questions Nos. 223 and 225 to 227, inclusive, together.
Part 4 of the Affordable Housing Act 2021 provides for the establishment of the ‘First Home’ affordable purchase shared equity scheme to support purchases of new build homes in the private market. The Scheme aims to support c. 8,000 households in acquiring new homes in the private market in the years out to 2026.
The First Home Scheme will help applicants to afford new-build houses and apartments in the private market through the use of an equity share model, similar to that employed in the Local Authority Affordable Purchase Scheme. The Scheme will primarily support first-time buyers in buying a new home, subject to designated price ceilings set with reference to the median prices for new homes purchased by first-time buyers in the area. However, the Government's 'Fresh Start' principle for some previous homeowners will also apply. As equity support will only be available to those with a genuine gap between the resources available to them and the price of the home they wish to buy, this will ensure funding will be targeted where it is needed most.
The State will operate the First Home Scheme in a strategic partnership with participating mortgage lenders, and it is planned that the Scheme will launch imminently. Full information, including eligibility criteria, deposit requirements, and regional price ceilings for homes will be confirmed at that point and available on the dedicated First Home Scheme website from the time of the launch.