Mattie McGrath (Tipperary, Independent)
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312. To ask the Minister for Housing, Planning, and Local Government if he will increase the maximum purchase property ceiling band for Tipperary under the first homes scheme; and if he will make a statement on the matter. [58010/22]

Darragh O'Brien (Dublin Fingal, Fianna Fail)
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The First Home Scheme, launched on 7th July this year, supports first-time buyers in purchasing new houses and apartments in the private market through the use of an equity share model. Full information on the First Home Scheme is available at the following link: www.firsthomescheme.ie

The setting of the initial First Home Scheme price ceilings was informed primarily by an analysis of relevant CSO data on the recorded sales prices of new homes by local authority area, specifically the national Residential Property Price Index (RPPI). This data was supplemented by a review of market data on the sales prices of available new homes being marketed for purchase at first-time buyers.

First Home’s use of regional price ceilings based on the median prices of new-build first-time buyer homes is designed to temper inflationary pressures and to target support at the lower part of the price distribution in each area, as well as encouraging additional housing supply at this price level.

The First Home Scheme Designated Activity Company (DAC) now holds responsibility for maintaining the First Home Scheme, including reviewing and updating price ceilings where appropriate. The First Home Scheme DAC has confirmed that, in line with commitments made at scheme launch, a review of ceilings is being undertaken. This review is intended to ensure that the ceilings in place allow the scheme to deliver on its underlying objectives. The price ceiling for Tipperary will form part of this review exercise.