Robert Troy (Longford-Westmeath, Fianna Fail)

I thank the Deputy for raising this important matter. I am taking this debate on behalf of the Minister for Housing, Local Government and Heritage. I am glad to have the opportunity to discuss the first home scheme. The scheme, which was launched in July 2022, is a shared equity scheme for eligible first-time buyers, eligible home buyers and self-builders. The scheme is designed to help bridge the gap between their deposit and mortgage and the price of their new home. The price of the new home must be within price ceilings established across the country.

This has been a very successful scheme that has helped thousands of individuals and families buy a home. Over 7,600 approvals have been issued since the scheme launched to the end of last month

with 3,691 homes already bought or built using the scheme. We want to expand on this success and help more people get their own home. In May, the Government approved an additional €30 million for the scheme bringing the total State commitment to €370 million. This is matched 50:50 by the participating banks and brings the total commitment to the scheme to €740 million.

The first home scheme designated activity company, DAC, is fully responsible for the operation of the first home scheme on behalf of all shareholders, including price ceiling reviews. The first home scheme board conducts a review of price ceilings at six-month intervals. I am advised that the board takes into account a range of factors as part of these reviews, including the median price and volume of new builds purchased by first-time buyers in each local authority area. The most recent review concluded at the end of last month and 16 local authority areas had their price ceilings increased.

When the scheme was first launched in July 2022, the price ceiling for the Tipperary local authority area was €250,000. This has been raised following two subsequent price ceiling reviews to €325,000

on 1 January 2023 and then again to €350,000 on 1 July 2024. The first home scheme DAC will continue to monitor the price ceilings, including in Tipperary, as part of any future review. More information on price ceiling reviews is available on the website of the first home scheme.

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