A total of 1,517 homes have been bought to date using the Government’s First Home Scheme.
New figures also reveal that some 4,005 buyers have been approved for the €400m scheme which was set up to help first-time buyers and others to bridge the gap between their mortgage, deposit and the price of a new home.
The latest figures show there has been an increase of 118% in homes bought under the First Home Scheme in the first quarter of 2024 with 262 homes bought between January 1st and March 31st, compared to 120 in the same quarter a year earlier.
The number of new applications has also grown in the first three months of the year, rising 49% to 927 compared to 623 in 2023. A quarter of the approvals were for homes in Dublin, with 15% in Kildare and 14% in Cork. Meath accounted for 11% of approvals, with Wicklow having 10% and other counties making up the remaining 25%.
The report noted that more than 500 applications currently being processed are due to be decided shortly, with the majority expected to be approved.
The average purchase price for houses under the scheme is €379,000, with about €67,000, or 17%, expected to be provided by the scheme on average.
Chief executive of the First Home Scheme, Michael Broderick, welcomed the strong start to the year.
“Applications are up almost 50% year-on-year, and that augurs well for activity levels over the rest of the year,” he said.
"The scheme is making a real difference for first-time buyers and we'd encourage prospective first-time buyers to make contact with us so we can partner with them on their journey to becoming a homeowner," said Mr Broderick.
The scheme was extended in April last year to renters who want to buy their home from a landlord and in September to include those who wanted to build their own home.
Some 160 applications were lodged by tenants seeking to buy their homes from their landlords by the end of last month and 110 approvals were issued. A total of 32 tenants have since completed their acquisitions. The self-build scheme, meanwhile, has seen 60 applications, with 43 approved so far.
Two-thirds of those who availed of the programme were also using the Help to Buy scheme.
Minister for Housing, Local Government and Heritage Darragh O'Brien said the First Home Scheme is working as it was intended to do - making home ownership a reality for first-time buyers by bridging the affordability gap.
"The level of approvals for the scheme is continuing to grow each week and more and more people are getting the keys to their home through the support of the scheme," Mr O'Brien said.
He also said a recent KPMG report confirmed that the scheme is not having any inflationary impact on the wider market, with some house builders actually saying it was keeping values below the first home price ceiling to allow purchasers to avail of the scheme.
"As always we will keep the scheme under constant review but I am greatly encouraged by its popularity to date," the Minister added.
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