Holly Cairns (Cork South West, Social Democrats)
Link to this: Individually | In context | Oireachtas source

588. To ask the Minister for Housing, Planning, and Local Government when the limits on the first home scheme will next be reviewed. [2305/23]

Holly Cairns (Cork South West, Social Democrats)
Link to this: Individually | In context | Oireachtas source

589. To ask the Minister for Housing, Planning, and Local Government the steps that he is taking to ensure that the limits for the first home scheme are being consistently applied in all local authorities. [2306/23]

Darragh O'Brien (Dublin Fingal, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

I propose to take Questions Nos. 588 and 589 together.

The First Home Scheme, launched on 7 July 2022, supports first-time buyers in purchasing new houses and apartments in the private market through the use of an equity share model. Further information is available at: www.firsthomescheme.ie.

The scheme is overseen and managed independently by the First Home Scheme DAC. The rules of the scheme have been agreed by all of the scheme founders, including the participant banks (AIB (including EBS and Haven), BOI and PTSB) and the State. It is the responsibility of the First Home Scheme to apply all rules equally and fairly to all applicants without exception. The rules of the scheme are contained in the First Home Scheme brochure, which is available at: www.firsthomescheme.ie/media/3fidiubp/first-homes-brochure-2023.pdf.

At its launch, it was announced by the First Home Scheme DAC that a review of price ceilings would be undertaken within 6 months. This review was conducted towards the end of 2022 on the basis of the most up to date Residential Property Price Index data on the sales prices of new homes sold as published by the CSO, as well as a study of the prices of new homes available on the market, and also factored in the increase in construction costs.

That review is now complete, and the revised price ceilings have been in place since 1 January 2023. The revised price ceilings are available at: www.firsthomescheme.ie/about/property-price-ceilings/

At an event confirming the new ceilings on 9 January 2023, it was announced by First Home Scheme DAC that future reviews will be conducted on a 6-monthly basis.