First Home Scheme price ceiling rises in the county
A €25,000 increase in the First Home Scheme price ceiling came into effect this week for Cork county.
The First Home Scheme, a €740m fund set up to help first-time buyers to bridge the gap between their mortgage, deposit and the price of a new home as part of the Government’s Housing for All strategy, was extended to more buyers on Tuesday.
Cork county was one of 16 areas where the price ceiling was increased and is now at €450,000 for both houses, including self-builds, and apartments. Cork city did not see an increase in the latest review and is still at €475,000 for a house, including self-builds, and €500,00 for an apartment.
This extension follows the latest of the scheme’s scheduled twice-yearly reviews of the price ceilings that apply to qualifying homes.
The Government’s aim with the price ceilings is to ensure the scheme can benefit as many people as possible without causing distortion in local housing markets.
The scheme will continue to review the ceilings on a twice-yearly basis, with its next review in early 2026.
Fianna Fáil TD for Cork North-West Aindrias Moynihan, has welcomed the news saying it will open the door to home ownership for many more first-time buyers.
He said: “This increase means a significant number of people who previously couldn’t qualify will now be able to get the Government support they need to buy their first home.”
“This scheme has already helped thousands of people close the affordability gap and buy their first home. The changes will now allow even more people to qualify, particularly those who were just above the previous ceiling.”
The Minister for Housing, Local Government and Heritage, James Browne TD, said: “The changes to price ceilings being announced today are good news for people buying their first home, and other people who qualify for the First Home Scheme in 16 local authority areas across Ireland.
“This scheme is helping thousands of people to bridge the affordability gap and buy their first home and these changes will allow more people to qualify. I want people to be in that position, and this scheme continues to support that ambition.”
The First Home Scheme Chief Executive, Michael Broderick, said: “Our price ceiling review takes place every six months to make sure we get the balance right between encouraging usage of the scheme, promoting housing supply and avoiding price distortion in local housing markets.
“These latest changes show how the Scheme can evolve to reflect market conditions across Ireland and to continue to help as many first time buyers as we can,” he concluded.