Dáil Éireann Debate, Thursday - 8 September 2022
575. Deputy Ged Nash asked the Minister for Housing, Local Government and Heritage his views on a policy issue raised by a person (details supplied) regarding the current price limit for first home scheme applicants in County Louth; his plans, if any, for an adjustment in the house price threshold for the Drogheda urban and rural LEAs in line with the price limit for County Meath; and if he will make a statement on the matter. [42913/22]
Amharc ar fhreagraThe 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. The Scheme uses regional price ceilings based primarily on the median prices of new-build homes purchased by first-time buyers. This is to temper any inflationary pressures, to target support at the lower part of the price distribution in each area, and to encourage additional housing supply at this price level. All price ceilings for the First Home Scheme are available on the scheme website, www.firsthomescheme.ie.
The setting of these initial First Home Scheme price ceilings has been informed primarily by an analysis of published data from the Central Statistics Office, specifically the Residential Property Price Index (RPPI), together with a review of current market data and sales prices for new homes marketed at first-time buyers.
The First Home Scheme Ireland Designated Activity Company now holds responsibility for maintaining, reviewing, and updating the price ceilings. The scheme has confirmed that a review of ceilings will be undertaken after six months of operation and periodically thereafter, which will ensure that the ceilings allow the scheme to deliver on its underlying objectives. The price ceiling for Louth will be covered by this review process, so the Scheme will assess the suitability of the initial ceiling in light of the trends shown in more recent data. The First Home Scheme can be contacted directly at: www.firsthomescheme.ie/get-in-touch/.
