A total of 4,005 buyers have been approved and 1,517 homes already bought using the First Home Scheme, new figures show today.
The First Home Scheme is a €400m fund set up to help first-time buyers and others to bridge the gap between their mortgage, deposit and the price of a new home as part of the Government's Housing for All strategy.
The scheme is a joint venture between the State and three banks - AIB (including its subsidiaries EBS and Haven), Bank of Ireland and PTSB. Other authorised mortgage lenders in the Irish market are also allowed join the scheme.
Over €100m in support has been provided to people who have bought their homes using the scheme. Two extensions were introduced to the scheme last year - for self builds and tenant home purchase.
The First Home Scheme's report for the first quarter of 2024 shows that a significant increase in usage with a 118% increase in the number of homes bought using the scheme. 262 homes were bought in the months from January to March this year compared to 120 in the same quarter last year.
The pipeline of applications continues to grow, with the number of new applications in the first three months of 2024 49% higher than the same period last year - 927 in Q1 2024 compared to 623 in Q1 2023.
Today's report shows that the average purchase price is €379,000 and the average support being provided by the First Home Scheme in these cases is about €67,000 - 17% of the average purchase price.
It also noted that 66% of First Home Scheme users are also availing of the Help to Buy scheme.
Meanwhile, 75% of live approvals have been for buyers in Dublin, Cork, Kildare, Meath and Wicklow, with the remaining 25% spread across 20 counties throughout the country.
First Home Scheme chief executive Michael Broderick said the scheme's pipeline continues to grow with applications up almost 50% year on year, adding that augurs well for activity levels over the rest of the year.
"The scheme is making a real difference for first-time buyers and we'd encourage prospective first-time buyers to make contact with us so we can partner with them on their journey to becoming a homeowner," he said.
"We handle applications quickly and efficiently and feedback from people who have used the scheme has been very favourable," he added.
Minister for Housing, Local Government and Heritage Darragh O'Brien said the First Home Scheme is working as it was intended to do - making home ownership a reality for first-time buyers by bridging the affordability gap.
"The level of approvals for the scheme is continuing to grow each week and more and more people are getting the keys to their home through the support of the scheme," Mr O'Brien said.
He also said a recent KPMG report confirmed that the scheme is not having any inflationary impact on the wider market, with some house builders actually saying it was keeping values below the first home price ceiling to allow purchasers to avail of the scheme.
"As always we will keep the scheme under constant review but I am greatly encouraged by its popularity to date," the Minister added.
