Construction News
12/09/2024
Additional €100m Announced For The First Home Scheme
Minister for Housing, Heritage, and Local Government, Darragh O’Brien, has announced an additional €100 million in government funding for the First Home Scheme.
The scheme, designed to assist first-time buyers in closing the gap between their mortgage, deposit, and the cost of a new home, has seen significant success since its launch over two years ago. To date, 5,400 buyers have been approved. Notably, applications have surged, with a 43% increase in new applicants during the first half of 2024 compared to the same period last year.
Minister O’Brien said: "The First Home Scheme has been a big success in making home ownership a reality for people who otherwise would have been unable to bridge the affordability gap between their mortgage, deposit and the price of a new home. With today's announcement of increased funding, the scheme will extend its reach, turning the aspiration of owning a home into reality for even more people.
"The announcement of increased funding ensures that the scheme is sufficiently resourced, paving the way for first-time buyers, new home builders, and those embarking on a fresh chapter in life to become home owners. In light of the success of the scheme to date, work is underway to consider extending the scheme past 2026."
The scheme, designed to assist first-time buyers in closing the gap between their mortgage, deposit, and the cost of a new home, has seen significant success since its launch over two years ago. To date, 5,400 buyers have been approved. Notably, applications have surged, with a 43% increase in new applicants during the first half of 2024 compared to the same period last year.
Minister O’Brien said: "The First Home Scheme has been a big success in making home ownership a reality for people who otherwise would have been unable to bridge the affordability gap between their mortgage, deposit and the price of a new home. With today's announcement of increased funding, the scheme will extend its reach, turning the aspiration of owning a home into reality for even more people.
"The announcement of increased funding ensures that the scheme is sufficiently resourced, paving the way for first-time buyers, new home builders, and those embarking on a fresh chapter in life to become home owners. In light of the success of the scheme to date, work is underway to consider extending the scheme past 2026."
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