Minister for Housing Darragh O’Brien has announced a Government pledge of a further €100m to the First Home Scheme.
The scheme, was set up to help first-time buyers to bridge the gap between their mortgage, deposit and the price of a new home.
Since its launch over two years ago, the pipeline of applications continues to surge with the number of new applicants in the first six months of 2024, 43% higher than the same period last year.
Minister O’Brien said:
“The First Home Scheme has been a big success in making home ownership a reality for people who otherwise would have been unable to bridge the affordability gap between their mortgage, deposit and the price of a new home. With today's announcement of increased funding, the scheme will extend its reach, turning the aspiration of owning a home into reality for even more people.
“Today’s announcement of increased funding ensures that the scheme is sufficiently resourced, paving the way for first-time buyers, new home builders, and those embarking on a fresh chapter in life to become home owners. In light of the success of the scheme to date, work is underway to consider extending the scheme past 2026.”
Minister of State with responsibility for Local Government and Planning, Alan Dillion added:
“Today’s announcement is more good news for those buying or building a new home for the first time or those making a fresh start. Throughout the country, I’ve seen how this initiative has paved the way for people to purchase a home or take a significant step towards home ownership. Its continued success is turning the ambition of home ownership into a reality for many families and individuals.”
Minister of State with responsibility for Minister of State for Nature, Heritage and Electoral Reform, Malcolm Noonan added:
“I welcome this enhanced funding for the First Home Scheme. Not only does today’s financial commitment underpin the strong uptake there has already been of the scheme, it also means that those considering using the scheme in the future can have confidence that it will continue to be an option for them. This Government is committed to helping people to access their own homes in many different ways and First Home is a crucial part of our range of targeted supports to do so.”
Around 11,000 buyers have registered for the scheme since it launched in July 2022 and over 5,400 applicants have been approved for the funding – though in a quarterly update published in July, the company behind the scheme said that just 1,914 people have been able to buy home using the incentive to date.
