Over 1,900 homes have been bought using the First Home Scheme since its launch in July two years ago.
The First Home Scheme, a €480m fund set up to help First-Time Buyers, shows 107% increase in homes bought in the first half of this year compared with the same period last year.
An update on the scheme shows continued strong interest in it with 4,850 buyers approved and over €126m in support provided to buy 1,914 homes to date.
The scheme is a joint venture between the State and three banks, AIB, BOI and PTSB, and remains open to other authorised mortgage lenders in the Irish market to join the scheme.
A progress report shows the pipeline of applications continues to grow, with the number of new applications in the first six months of this year 43% higher than the same period last year.
A total of over 10,600 potential buyers have registered their interest in the Scheme, with over 3,139 new expressions of interest submitted in the first six months of the year.
The average purchase price for homes purchased, or build cost for homes built, using the scheme is €379,000; the average support being provided by the First Home Scheme in these cases is around €66,000, which is 17% of the average purchase price.
The report shows that 67% of First Home Scheme users are also availing of the Help to Buy scheme.
75% of live approvals have been for buyers in Dublin, Cork, Kildare, Meath and Wicklow, with the remaining 25% spread across the remaining 21 counties throughout Ireland.
The First Home Scheme Chief Executive, Michael Broderick, said the scheme is resonating well with First Time Buyers.
"Our job is to continue to provide fast turnarounds, clear information and a high-quality service. With this in mind we continuously review the scheme through customer surveys and feedback from the industry. This feedback is considered and where appropriate changes are made," he said.
Mr Broderick encouraged anyone looking to buy or build their first home to check out what the scheme offers.
"On average we're providing support of €67,000 to First Time Buyers and that’s a really substantial level of support."
Minister for Housing, Darragh O’Brien TD, said the scheme has proved hugely popular in bridging the gap for First Time Buyers between the finance they have and the finance they need to buy their own home.
"As we approach five thousand approvals I am very encouraged by the progress the scheme is making and already more than 1,900 families and individuals have the keys to their home – that’s why Government recently committed more funding for the scheme, to ensure it can help many more First-Time Buyers."
