Darragh O'Brien (Dublin Fingal, Fianna Fail)
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The First Home Scheme, launched on 7 July, supports first-time buyers in purchasing new houses and apartments in the private market through the use of an equity share model, similar to that employed in the Local Authority Affordable Purchase Scheme.

The Scheme aims to support in the region of 8,000 households in acquiring new homes in the private market in the years 2022 to 2026 with an overall budget of €400 million. Of this amount, €200 million has been committed by the State through a multi-annual capital commitment by the Department, and €200 million by the participating mortgage lenders. The Department’s allocation for First Home Scheme under Budget 2022 is €44 million, with a target of 1,750 equity supports for purchases being made available during this calendar year.

Brendan Griffin (Kerry, Fine Gael)
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245. To ask the Minister for Housing, Planning, and Local Government if he will increase the shared equity scheme house price cap in County Kerry given the significant increase in house prices; and if he will make a statement on the matter. [38481/22]

Darragh O'Brien (Dublin Fingal, Fianna Fail)
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The First Home Scheme, launched on 7 July, supports first-time buyers in purchasing new houses and apartments in the private market through the use of an equity share model. The Scheme uses regional price ceilings based on the median prices of new build first time buyer homes. This is to temper any inflationary pressures and to target support at the lower part of the price distribution in each area.

The setting of the initial First Home Scheme price ceilings has been informed primarily by an analysis of the most recent published CSO data, specifically the national Residential Property Price Index (RPPI), together with a review of current market data and sales prices for new homes by first-time buyers. The price ceilings for the First Home Scheme are available on the dedicated website www.firsthomescheme.ie.

The First Home Scheme Designated Activity Company holds responsibility for maintaining and any review or updating of price ceilings nationally. First Home has confirmed a review of ceilings will be undertaken after 6 months of operation of the scheme and periodically thereafter. This is to ensure any ceilings allow the scheme to deliver on its underlying objectives.