Dáil Éireann Debate, Thursday - 26 January 2023
124. Deputy Jackie Cahill asked the Minister for Housing, Local Government and Heritage if any changes are likely to be made in relation to the price ceiling under the first home scheme; and if he will make a statement on the matter. [3674/23]
Amharc ar fhreagraThe First Home Scheme, launched on 7 July 2022, supports first-time buyers, as well as buyers who are eligible under Housing for All’s ‘Fresh Start’ principle, in purchasing new houses and apartments in the private market through the use of an equity share model. Full information on the scheme is available on the First Home Scheme dedicated website, www.firsthomescheme.ie.
The Scheme is overseen and managed independently by the First Home Scheme Designated Activity Company (DAC), which is responsible for reporting and operations. At the Scheme's launch, it was announced by the First Home that a review of price ceilings would be undertaken within 6 months. 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. The review also factored in the evident increase in construction costs.
That review is now complete, and the revised price ceilings were put in place by First Home DAC from 1 January 2023. The revised price ceilings are available at: www.firsthomescheme.ie/about/property-price-ceilings/.
At a press event confirming the new ceilings on 9 January 2023, First Home Scheme DAC confirmed that future review of price ceilings will be conducted on a 6-monthly basis.
