Almost 2,000 buyers approved in first year of First Home Scheme

Wednesday 19 July 2023 – BPFI was delighted to join Minister Darragh O’Brien, the Department of Housing and First Home Scheme Ireland to mark the publication of the first-year progress report for the First Home Scheme. The Scheme consists of a €400m fund set up in collaboration with BPFI member retail banks – AIB (including subsidiaries EBS and Haven), BOI and Permanent TSB – to help First-Time Buyers to bridge the gap between their mortgage, deposit and the price of a new home.

The report shows strong interest in the Scheme since its launch in July 2022, with close to 2,000 buyers approved and almost 500 homes already bought using the Scheme.

Eligibility for the Scheme was extended to thousands of additional First-Time Buyers with effect from January 1st, following the widening of eligibility criteria for homes in 30 of Ireland’s 31 local authority areas, with the limit for eligible homes increasing by up to €75,000. The scope was also extended in April to include renters who want to buy their home from a landlord who has indicated a wish to sell.

Houses with prices of up to €475,000 and apartments with prices of up to €500,000 are eligible for the Scheme, depending on their location.

Brian Hayes, Chief Executive of BPFI stated: “Since the launch of the First Home Scheme in July 2022, there has been almost 2000 buyers in 24 counties approved for the scheme. Over 400 applications are also currently being processed with approvals expected to be issued shortly in the majority of these cases and with 2,500 new expressions of interest submitted so far in 2023.”

“This reflects an upward trend in recent months as first-time buyers continue to dominate the mortgage market with recent BPFI figures showing that the annualised value of FTB approvals surpassed €8 billion for the first time since 2011.” “Looking forward, the First Home Scheme will continue to play an important role not only for customer affordability but also for helping generate supply. BPFI and our member retail banks – Bank of Ireland, AIB and Permanent TSB – are delighted to be part of this collaboration as the scheme continues to deliver for people up and down the country.”