State help for first-time buyers ‘unprecedented’ - Minister for Housing

By Gráinne Ní Aodha, PA

Minister for Housing 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.

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 per month, which he said is more than 30 per cent below the market rate.

In collaboration with @dlrcc and @tuathhousing at Kilternan Woods we are delivering:

-72 cost rental homes
-22 social homes

The rents for cost rental homes will be a 33% below market rates for the area.

The wider Kilternan Woods development will comprise 203 homes. pic.twitter.com/UmkhJ6mbvT

— Department of Housing, Local Government & Heritage (@DeptHousingIRL) January 29, 2024

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.”

Speaking at today's launch of new social & cost rental homes in Kilternan, @dlrcc, @DarraghOBrienTD said

"This is a grest example of a mixed development site. Cost rental is really taking off & in November alone I approved funding for 1,600 new cost rental homes"@tuathhousing pic.twitter.com/ylEr8RdAYx

— Department of Housing, Local Government & Heritage (@DeptHousingIRL) January 29, 2024

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.

“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 in support that the Government is giving first-time buyers for new homes. That’s unprecedented.”