Holly Cairns (Cork South West, Social Democrats)
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241. To ask the Minister for Housing, Planning, and Local Government if he will increase the price limit for homes bought in County Cork under the first home scheme to reflect the increase in house prices and pressure on towns close to Cork city. [45140/22]

Darragh O'Brien (Dublin Fingal, Fianna Fail)
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The First Home Scheme, launched on 07 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, as well as to encourage additional housing supply at this price level. Full details of the First Home Scheme, including price ceilings, are available on the scheme website: www.firsthomescheme.ie.

The setting of the initial First Home Scheme price ceilings was informed primarily by an analysis of the most relevant CSO data, specifically the national Residential Property Price Index (RPPI), together with a review of concurrent market data and sales prices for new homes by first-time buyers. The system will broadly reflect price trends, and represent a clear, easily understandable method for utilising appropriate price ceilings.

Any system of geographically-based price ceilings will require defined borders. Inevitably, this will result in examples of homes on either side of given borders with differing price ceilings. However, when considered in the overall, the system will broadly reflect price trends, and represent a clear, easily understandable method for utilising appropriate price ceilings.

The First Home Scheme Designated Activity Company (DAC) now holds responsibility for reviewing and updating price ceilings nationally, as required. The First Home Scheme has confirmed a review of ceilings will be undertaken after six months of operation of the scheme, and periodically thereafter. This is to ensure any ceilings allow the scheme to deliver on its underlying objectives.

The First Home Scheme can be contacted directly at www.firsthomescheme.ie/get-in-touch/.