The First Home Scheme (FHS) aims to provide individuals and couples with greater access to homes across Ireland, otherwise deemed unaffordable to them, writes CIF Executive of Housing, Planning and Development Áine McGinity.
The FHS focuses on facilitating home ownership by bridging the gap between the deposit and mortgage for first time buyers and
eligible home buyers.
A closer examination of the current market conditions, however, highlighted the increase in the market value of new homes throughout Ireland.
This in turn brought new build homes beyond the limit of the price ceilings in most regions, when the scheme was initially launched.
The IHBA made a submission to the FHS on December 14, 2022, to further support the industry’s call for a review of the price ceilings in every region.
We were subsequently informed, following an internal review, that the price ceilings were revised upwards to facilitate greater access to new homes for first time buyers.
In general, the price caps have increased by €25,000 in most local authority areas, with some areas seeing an increase of €75,000. The minimum price ceiling is now €325,000 in other local authority areas.
The newly-increased price ceilings are:
About the First Home Scheme
The First Home Scheme was launched in July 2022 and is what’s known as a shared equity scheme. This means home buyers can receive funds from the scheme in return for the FHS taking a percentage ownership in the property purchased.
The scheme is open to first time buyers and individuals who qualify under the ‘fresh start’ principle and is specific to new build houses and apartments. Regional Price Ceilings apply, and these are linked to the median level for first time purchasers in each Local Authority area.
The objectives of the First Home Scheme are to increase home ownership by bridging the gap for these buyers between their deposit and mortgage and the price of the new home.
It also aims to encourage a supply side response and the construction of more new build homes to meet realisable demand.
For further information go to www.firsthomescheme.ie or call 0818 275 662
Meet the CIF team: Áine McGinity
Before joining the CIF in October 2021, Áine worked in the UK as Enterprise Manager for Overbury Enterprises, a 6,000-acre rural estate in the heart of Gloucestershire.
As an Executive of Housing, Planning and Development she offers support and advice to members of the Irish Home Builders Association (IHBA), whilst representing their interests on related committees and working groups.
The role also includes developing strategy, as part of a team, and engaging with government departments, local authorities, agencies and other stakeholders to ensure members’ views are formally considered and communicated.
Áine has a Master’s Degree in Rural Estate & Land Management from Harper Adams University and a Certificate in Construction Project Management from the Royal Institution of Chartered Surveyors (RICS).
Contact Áine at [email protected]