State help for first-time buyers ‘unprecedented’, says housing minister

Housing Minister Darragh O’Brien has said the help the State is giving first-time buyers is “unprecedented”, claiming that in some cases it amounts to close to 100,000 euro.

He was speaking at the launch of a mixed housing development, Kilternan Woods in Dun Laoghaire, comprising 72 cost rental homes with rents starting at around 1,425 euro per month, which he said is more than 30% below the market rate.

Mr O’Brien reiterated Housing for All update figures released last week and said there is “a very strong pipeline for this year as well across all tenures – private, social, affordable”.

Addressing the launch, he said there has been “real progress” for first-time buyers.

“More first-time buyers are now buying homes than we’ve seen since 2006 – about 500 a week, drawing down mortgages using schemes that we have brought forward like the First Home Scheme and the Help to Buy grant,” he said.

“So, good momentum, good progress, still challenges acutely aware, particularly of those who don’t have a home at all.”

He added: “If you look at the average equity that’s been given, which isn’t a mortgage, the equity the State is giving is about 67,000 euro.

“We have about 3,500 approvals under the First Home Scheme and, when you add that to the Help to Buy grant of 30,000, that’s about 100,000 euro in support that the Government is giving first-time buyers for new homes. That’s unprecedented.”