Dáil Éireann Debate, Thursday - 30 May 2024
95. Deputy Michael Moynihan asked the Minister for Housing, Local Government and Heritage the measures he is taking to help first time house buyers; the impact of these in the twelve months to the end of March 2024; and if he will make a statement on the matter. [24326/24]
View answerAffordability and the chance to own a home is at the heart of the Government’s housing policy. As detailed in the Housing for All strategy, the Government has introduced a number of measures to support households and individuals wishing to purchase a home, as well as increasing the overall supply of new homes, with an ambitious target of 300,000 new homes up to 2030.
This includes, as part of Housing for All, several measures which are in place to support first time buyers.
The Local Authority Affordable Purchase Scheme assists first-time buyers in purchasing Local Authority delivered new homes. Affordable Purchase homes are advertised on the relevant Local Authority’s website in advance of their sale, together with eligibility requirements such as household income limits. This scheme uses an equity share model to give eligible purchasers the opportunity of home ownership at a discount.
The First Home Scheme, launched in July 2022, employs a similar equity share model in order to support the purchase of new homes in the private market. Subject to eligibility criteria, it can provide equity up to 30% of the value of a new home.
The Local Authority Home Loan (LAHL) is a Government-backed mortgage for creditworthy applicants who cannot get sufficient funding from commercial banks to purchase or build a home. It has been available nationwide from local authorities since January 2022 for first-time buyers and fresh start applicants.
Additionally, the Vacant Property Refurbishment Grant, launched in July 2022, supports bringing vacant and derelict properties back into use as homes, with support of up to €50,000 being provided for the refurbishment of vacant properties and a further €20,000 available where the property is derelict. In providing support to refurbish vacant and derelict properties, the grant is making the transformation of these properties into homes an affordable option for buyers and owners.
In addition to the above schemes, the Help-to-Buy incentive supports First-time Buyers in meeting the deposit requirements for newly-built houses or apartments, as well as self-build homes. The Help-to-Buy may be used in conjunction with the Local Authority Affordable Purchase Scheme or the First Home Scheme.
Finally, data for affordable housing delivery is published on a quarterly basis, similar to social housing, and includes information on the measures set out in this response. The data up to end of 2023 is available on my Department's website at the following link and I expect that we will be in a position to report delivery for Quarter 1 2024 shortly. www.gov.ie/en/collection/6060e-overall-social-housing-provision/#affordable-housing-delivery
