Over 100 Laois applicants of government's First Home Scheme approved
Department marks second anniversary of the scheme
There have been over 100 applicants in Laois approved for the government's First Home Scheme since it launched in July 2022.
To mark the second anniversary of the scheme the Department of Housing has released an update on the number of homes bought through the scheme up to the end of June 2024.
In Laois there were 104 approvals under the scheme and 45 drawdowns (homes funded). Nationally over 1,900 homes have been purchased using First Home Scheme since its launch with over €126m in support provided.
The scheme was set up to bridge the gap between a mortgage, deposit and the price of a new home as part of the Government’s Housing for All strategy. In Laois the house price ceiling (including self-build houses) is €375,000. The First Home Scheme can provide a maximum of 30% of the purchase price (20% if the buyer is also using the Help to Buy scheme).
The update shows continued strong interest nationally in the Scheme, with 4,850 buyers approved and 1,914 homes already bought using the Scheme.
The report also shows a significant uplift in scheme usage during the first six months of 2024, with a 107% increase in the number of homes bought using the Scheme (659 homes bought in the period January-June 2024 versus 319 in the same period last year).
The Minister for Housing, Local Government and Heritage, Darragh O’Brien TD, said: “In just two years of operation the First Home Scheme has proved hugely popular in bridging the gap for First Time Buyers between the finance they have and the finance they need to buy their own home.
"As we approach five thousand approvals I am very encouraged by the progress the scheme is making and already more than 1,900 families and individuals have the keys to their home – that’s why Government recently committed more funding for the scheme, to ensure it can help many more First-Time Buyers.
"The Scheme is effective and it’s delivering. It’s also flexible – we’ve extended it to tenants looking to buy their home and to people building their own home and it’s great to see these extensions working so well.
"The first two years have been very encouraging and I expect thousands more First-Time Buyers will benefit from the Scheme over the coming years.”