More than 1,300 buyers approved for Government’s First Home Scheme

Some 1,336 home buyers in 24 counties have been approved for the Government’s new First Home Scheme, according to the latest quarterly report, which said there was “continued strong interest” in the initiative since its launch last July.

The shared equity scheme was set up to help first-time buyers bridge the gap between their mortgage and the price of a new home through a joint venture between the State and the three domestic banks, AIB, Bank of Ireland and Permanent TSB.

It involves the State and participating banks paying up to 30 per cent of the cost in return for a stake in the home.

The latest report showed that 1,336 buyers have received eligibility certificates “allowing them to buy their chosen home”. Some 257 buyers have already completed the purchase of their home using the scheme, it said.

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A further 291 applications are being processed with approvals expected to issue shortly in many cases. Buyers in Dublin, Cork, Kildare, Meath and Wicklow are the “heaviest users of the scheme”.

Eligibility for the scheme was extended earlier this year following the widening of criteria for homes in 30 of the State’s 31 local authority areas with the limit for eligible homes increasing by up to €75,000.

The new price ceilings include houses with prices of up to €475,000 depending on their location. Apartments with a purchase price of up to €500,000 are also eligible, also depending on their location.

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The latest figures show a total of 3,556 potential buyers have registered their interest in the scheme, with more than 1,000 expressions of interest received between January and March.

The average price for completed purchases was €368,000, with the average support being provided by the scheme in these cases at €71,000 (19 per cent of the average purchase price).

Some 82 per cent of live approvals have been for buyers in Dublin, Cork, Kildare, Meath and Wicklow, with the remaining 18 per cent spread across 19 counties throughout the State.

“The First Home Scheme has already helped hundreds of people to buy their first home and we’re seeing substantial interest from thousands more first-time buyers who can see the benefits it offers,” Minister for Housing Darragh O’Brien said.

“The changes to the scheme criteria that were implemented in January are having a clear effect, allowing thousands more buyers to qualify for the scheme and use it to help them get the home they want.”