Séamus McGrath (Cork South-Central, Fianna Fail)
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486. To ask the Minister for Housing, Planning, and Local Government to increase the maximum house value limits for the first home scheme for Cork; if the city values to the metropolitan area of County Cork will be extended and particularly the city Dáil constituencies in order that the one set of qualifying criteria applies. [35939/25]

James Browne (Wexford, Fianna Fail)
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The First Home Scheme, which launched in July 2022, is a shared equity scheme, designed to help bridge the gap for eligible first-time buyers, eligible homebuyers, and self-builders, between their deposit and mortgage, and the price of their new home (within price ceilings established across the country). Full details are available on the First Home Scheme website, www.firsthomescheme.ie/.

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. At its launch, the First Home Scheme Designated Activity Company (DAC) announced it would review all price ceilings at 6-month intervals. The DAC take 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.

At the end of June, the First Home Scheme DAC published the outcome of its scheduled 6-monthly review of the price ceilings that apply to qualifying homes and subsequently revised price ceilings in relation to 16 local authority areas. This includes an increase in the ceilings in the Cork County Council area from €425,000 to €450,000. Price ceilings for Cork City will remain at €475,000. The revised price ceilings came into effect on 1 July. The next 6 monthly review will take place in December 2025.

More information on price-ceiling reviews is available at the following link: www.firsthomescheme.ie/about-the-scheme/property-price-ceilings/