Half of shared equity scheme grants have been used for homes in Dublin and Kildare in the first three months of the Government’s housing measure.
The €400 million First Home Scheme was set up to help first-time buyers afford to buy a home amid high housing costs and strict borrowing constraints.
In accordance with the programme, which is part of the government's historic Housing for All initiative, the State and banks will contribute 30% of a first-time buyer's new home's cost in exchange for a share of the property.
This can be repurchased in the future.
This scheme helps those who are stuck in that rental trap, it gives them a helping hand towards homeownership. The fact that people already have keys to their new home proves this is working.
Darragh O'Brien
According to the scheme's first quarterly report, 508 customers in all have received approval since July.
Buyers in the counties of Dublin, Kildare, Meath, and Wicklow made up two thirds of those declared eligible for the programme, with the remaining 34% being dispersed among 19 other counties.
In Co Kildare, where 132 buyers were found to be eligible, 26% of all those found to be eligible, the most permissions were given.
Additional 203 applications are being processed, and most approvals should be given quite soon.
A total of 1,862 potential purchasers—about 823 solo individuals and 1,039 couples—have expressed interest in the project.
The move has drawn harsh criticism from opposition parties who see it as a favour for large developers, and the ESRI think tank issued a warning that it will probably raise housing costs.
Darragh O'Brien, the minister for housing, local government, and heritage, expressed his encouragement at the interest in and use of the programme.
As a result of the First House Scheme, he added, "We are now witnessing people buy and move into their new home, and we will see thousands more over the coming years."
"With the help of this programme, we are lowering the barrier to home ownership for individuals who are now unable to afford it. We are aware that the vast majority of renters would much prefer own their own house, and that for the vast majority of them, monthly mortgage payments would be less expensive than rent.
This programme offers those who are trapped in the rental cycle a helpful hand on the road to house ownership. People already possessing the keys to their new residence is evidence that it is effective.
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