Some 49% of people who have been approved for finance under the First Home Scheme have completed the process of buying a home.
That’s according to new figures which show that 4,118 people have purchased or a built a home using the scheme since it was launched.
In operation since July 2022, some 8,399 people had been approved for finance under the First Home Scheme by the end of September. To date it has provided €273 million in support to people who have bought or self-built their homes.
The scheme, a joint venture between the State and the three main Irish retail banks – Bank of Ireland, AIB and PTSB – is aimed at helping first-time buyers bridge the gap between a mortgage, deposit and the price of a new home.
The average purchase price or build cost for those who have self-built stood at €387,000 at the end of the third quarter, with the scheme providing average supports of around €66,000 or 17 per cent of the total price.
An overwhelming 72% of live approvals have been for buyers in Dublin, Cork, Kildare, Meath and Wicklow, with the remaining 28% spread across 21 counties.
Minister for Housing James Browne said the First Home Scheme has been a “key part” of the Government’s efforts to address housing affordability, which is why it was extended until 2027 earlier this year.
“Our latest numbers show continued strong interest in the scheme,” said First Home Scheme chief executive Michael Broderick.
“We’re continuing to enhance the scheme in response to customer demand and local market conditions so that we can help even more first-time buyers and other people who qualify for the scheme.”
You can find out more about the scheme in MyHome's Buyers' Advice Hub here.
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