Thresholds for homes to qualify for State's shared-equity scheme increased by 25,000

"The move should mean more buyers qualify for the First Home Scheme due to the increases in price ceilings for 17 counties or local authority areas, the company behind the scheme said. The First Home Scheme is a €740m fund set up to help first-time buyers bridge the gap between their mortgage, deposit and the price of a new home. Accusations in the past that the scheme adds to housing inflation have been rejected by the scheme."

"Recent figures showed that homebuyers who use the shared-equity scheme are getting average financial support of €66,000. The hike in the thresholds follows the latest of the scheme's scheduled twice-yearly reviews of the price ceilings that apply to qualifying homes. The review has resulted in increased price ceilings in 17 of Ireland's 31 local authority areas, with each of these 17 local authority areas seeing an increase of €25,000 in the relevant ceiling."

"The local authority areas seeing an increase are Carlow, Kerry, Roscommon, Cavan, Laois, Tipperary, Cork City, Leitrim, Waterford city and county, Donegal, Longford, Westmeath, Galway city, Meath, Wexford, Galway county and Monaghan. The changes mean the ceiling for a house or an apartment in Dublin city, Dun Laoghaire-Rathdown, Fingal, South Dublin, Wicklow and Cork city will rise to €500,000. In Kildare, Meath and Galway city the new threshold will be €475,000."

The First Home Scheme has increased price ceilings in 17 of Ireland's 31 local authority areas, with each of those areas receiving a €25,000 rise. The scheme is a €740m fund to help first-time buyers bridge the gap between mortgage, deposit and the price of a new home. Shared-equity users receive average financial support of €66,000. Specific new ceilings include €500,000 in Dublin areas and Cork city, €475,000 in Kildare, Meath and Galway city, and tiered thresholds across counties ranging from €375,000 to €450,000 depending on location. The changes aim to broaden buyer eligibility under the scheme.

Read at Irish Independent