The €400m First Home Scheme, which was set up earlier this year to make it easier for first-time buyers to afford a new build home, has reported strong interest in its first three months in business.
The scheme is a joint venture between the State and AIB, Bank of Ireland and Permanent TSB. Other authorised mortgage lenders in the Irish market can also join the scheme.
Today's quarterly report reveals that 508 buyers in 23 counties have been approved by the scheme and have received eligibility certificates which will allow them to purchase their chosen home.
A further 203 applications are currently being processed, with approvals expected to issue shortly in most of these cases.
Today's update also shows that a total of 1,862 potential buyers have registered their interest in the scheme.
Meanwhile, the average purchase price of a home in the scheme is €359,000 and the average First Home support is €79,000, which represents 22% of the average purchase price.
The First Home Scheme said that 66% of certs issued have been for buyers in Dublin, Kildare, Meath and Wicklow, with the remaining 34% spread across 19 counties throughout the country.
Michael Broderick, chief executive of the First Home Scheme, said it was off to a good start with first-time buyers responding very favourably to the offer.
"Feedback from our customers indicates the process is running smoothly and our service is exceeding their expectations," Mr Broderick said.
"We are delighted to see a very broad geographic spread among applicants and that we have issued eligibility certs to buyers in 23 counties in our first three months," he said.
"All the signs are that we are in a strong position to meet our objective of helping thousands of First-Time Buyers to bridge the affordability gap and own their own home," he added.
Minister for Housing, Local Government and Heritage Darragh O'Brien said he was really encouraged by the interest and the take-up of the First Home Scheme in its first 12 weeks of existence.
"We are now seeing people buy and move into their new home as a result of the First Home Scheme and we will see thousands more over the coming years," Mr O'Brien said.
"Through this scheme we are making home ownership easier for those who are finding it just out of reach. We know that the overwhelming majority of renters would much rather own their own home and for most they would pay less in monthly repayments for the home than in rent," he said.
"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," he added.
