More Offaly buyers eligible for First Home Scheme

More first-time buyers in Offaly will qualify for the First Home Scheme as the price ceiling in the county is to be increased.

Offaly is one of 16 local authority areas nationwide where the scheme will be extended to more buyers due to increases in the price ceilings, which come into effect today.

The First Home Scheme is a €740m fund set up to help first-time buyers 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.

This extension of the scheme follows the latest of the scheme’s scheduled twice-yearly reviews of the price ceilings that apply to qualifying homes. Offaly County Council's price ceiling has been increased to €375,000 for both apartments and houses, including self-builds.

The scheme is a joint venture between the State and three banks, currently AIB (including EBS and Haven), Bank of Ireland and PTSB, with an ability for other authorised mortgage lenders in the Irish market to join the scheme.

The changes will allow additional first-time buyers to qualify for the scheme. These people would have been ineligible for the scheme until now if the price of their chosen home was above the price ceiling for their local authority area. The changes may also encourage the supply of additional new homes in areas with low stock of new homes currently.

The aim of the price ceilings is to ensure the scheme can benefit as many people as possible without causing distortion in local housing markets.

The scheme will continue to review the ceilings on a twice-yearly basis, with its next review in early 2026.

Minister for Housing, Local Government and Heritage James Browne said: “The changes to price ceilings being announced today are good news for people buying their first home, and other people who qualify for the First Home Scheme in 16 local authority areas across Ireland.

"This scheme is helping thousands of people to bridge the affordability gap and buy their first home and these changes will allow more people to qualify. I want people to be in that position, and this scheme continues to support that ambition.”

The First Home Scheme Chief Executive, Michael Broderick, said: “Our price ceiling review takes place every six months to make sure we get the balance right between encouraging usage of the scheme, promoting housing supply and avoiding price distortion in local housing markets.

These latest changes show how the scheme can evolve to reflect market conditions across Ireland and to continue to help as many first time buyers as we can.”