Dáil Éireann Debate, Wednesday - 13 July 2022
245. Deputy Brendan Griffin asked the Minister for Housing, Local Government and Heritage if he will increase the shared equity scheme house price cap in County Kerry given the significant increase in house prices; and if he will make a statement on the matter. [38481/22]
Amharc ar fhreagraThe First Home Scheme, launched on 7 July, supports first-time buyers in purchasing new houses and apartments in the private market through the use of an equity share model. The Scheme uses regional price ceilings based on the median prices of new build first time buyer homes. This is to temper any inflationary pressures and to target support at the lower part of the price distribution in each area.
The setting of the initial First Home Scheme price ceilings has been informed primarily by an analysis of the most recent published CSO data, specifically the national Residential Property Price Index (RPPI), together with a review of current market data and sales prices for new homes by first-time buyers. The price ceilings for the First Home Scheme are available on the dedicated website www.firsthomescheme.ie.
The First Home Scheme Designated Activity Company holds responsibility for maintaining and any review or updating of price ceilings nationally. First Home has confirmed a review of ceilings will be undertaken after 6 months of operation of the scheme and periodically thereafter. This is to ensure any ceilings allow the scheme to deliver on its underlying objectives.
