Nearly 5,000 buyers approved under Ireland’s First Home Scheme

A total of 4,856 persons have been approved to buy their homes under the First Home Scheme (FHS) since its launch in July two years ago.

A quarterly report on FHS, however, pointed out that a little over 1,900 of these have been able to buy home using the scheme.

According to the report, there has been a significant uplift in the scheme usage during the first six months of 2024, with a 107 per cent increase in the number of homes purchased or built using the scheme.

It also said the pipeline of applications continued to grow, with the number of new applications witnessing a 43 per cent growth in the first six months of 2024 compared to the same period last year.

FHS, a shared equity scheme, is aimed to help bridge the gap for first-time buyers and other eligible homebuyers between their deposit, mortgage, and the price of a new home. Under this scheme, eligible homebuyers will receive funds from the FHS in return for the FHS taking an equity share in the ownership of their property.

The scheme is funded and backed by the government of Ireland in partnership with lenders such as AIB, Haven Mortgages, EBS, Bank of Ireland, and PTSB.

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