Minister for Disability and Fianna Fáil TD for Galway East, Anne Rabbitte, has welcomed the increase to the First Home Scheme price ceilings in Galway City and County.
The First Home Scheme (also known as the shared equity scheme) supports you to buy a new home or to build your first home by taking on up to 30% of the cost of your new home in return for a stake in the home.
If you want, you can buy back the stake at any time, but you don’t have to.
One of the key criteria of the scheme is that the new home must cost less than the price limit for the local authority area.
Both Galway City and Galway County Councils will now see the price ceilings for the scheme increase by €25,000.
This means for those in Galway County, the limit increases from €375,000 to €400,000, while in Galway City, it is increasing from €425,000 to €450,000.
Minister Rabbitte commented:
Housing is the number one issue that’s raised with me, and it’s great to see momentum in the sector with more houses being built in Galway.
This shared equity scheme is making home ownership a reality for people across the county and city, and I think interest in it is only going to grow.
and she continued:
This €25,000 increase in the price ceilings essentially widens the net for the people we can support getting on the property ladder. It bridges an affordability gap for people who want to buy, build their own home, or indeed tenants whose landlord is selling the property.
and she continued:
Schemes like this, as well as the likes of the Help to Buy, Local Authority Home Loan, Local Authority Affordable PurchaseScheme, and Vacant Property Refurbishment Grant are some examples of how the government is pulling out all the stops to support people own their own home. This, of course, is on top of the increased output when it comes to building houses as well.
and she concluded:
There is major interest in this scheme and, at a national level in the second half of 2023, there were over five times the number of houses bought through the scheme than the same period in 2022, and double that of the first half of 2023