Dublin: Minister for Housing Darragh O’Brien has indicated that increased funding for various schemes aimed at first-time home buyers is on the horizon. Final discussions are underway, with announcements expected soon regarding an expanded government share in projects such as the First Home Scheme. These changes may be introduced in next month’s budget or possibly even earlier.
At the departmental level, it has been tentatively agreed to allocate an additional €100 million for new housing initiatives. If approved by the government, the plan could be officially unveiled at the next cabinet meeting. Under the shared equity scheme, the government will contribute up to 30% of the purchase price of a house in exchange for a share of the equity in the property.
Shared equity schemes are designed to assist individuals and families in purchasing homes by lowering the initial cost. Typically, these schemes involve the local government or a housing body taking an equity stake in the property, which allows buyers to secure a home with a smaller mortgage. If the homeowner decides to sell the property, the equity stake must be sold as well, or the homeowner can gain full ownership after repaying the equity within a specified period.
It is estimated that the new funding could support the purchase of up to 8,000 new homes next year.
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