The Government’s First Home Scheme has attracted plenty of interest from first-time buyers since being launched last July with new figures revealing that some 1,336 home buyers across 24 counties had been approved for funding for the scheme so far.
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% of the cost in return for a stake in the home.
The latest report shows 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, while a further 291 applications are currently being processed.
A total of 3,556 potential buyers have registered their interest in the scheme, with over 1,000 new expressions of interest received in the first three months of the year.
The average purchase price for completed purchases is €368,000 and the average support being provided by First Home in these cases is €71,000 - or 19% of the average purchase price.
82% of live approvals have been for buyers in Dublin, Cork, Kildare, Meath and Wicklow, with the remaining 18% spread across 19 counties throughout the country.
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.
First Home's chief executive Michael Broderick said the first quarter of 2023 was the busiest quarter to date in terms of buyers being approved for the scheme and getting their eligibility certs.
"The scheme is making a big difference for the people who are using it and we expect to see continued strong growth in the quarters ahead," he said.
"We're particularly pleased at the wide geographic spread we're seeing, which shows that the scheme is working for people throughout Ireland and is at its most effective in the counties where first-time buyer demand is strongest," he added.
