More first-time buyers in Cavan and Monaghan will qualify for the First Home Scheme, following the increase in the price ceiling by €25,000. Senator Joe O'Reilly said additional first-time buyers will qualify for this scheme, which is really positive news for those looking to purchase their first home. The First Home Scheme provides an equity stake of up to 30pc in the purchase of a new build or second-hand property being purchased by a tenant from their landlord.
The Cavan Senator says the increase in price ceilings helps address viability issues, which increases the supply of new homes for first time buyers. With this expansion, all new homes in Ireland worth up to €350,000 are now eligible for the scheme regardless of their location, with higher price ceilings of up to €500,000 in areas of greatest demand. He said this expansion will come as a welcome relief for people across the region.
