Prospective Wexford home-owners receive financial boost as price ceiling for housing scheme increases by €25k

By Simon Bourke, Wexford People

Those wishing to purchase their first home in Co Wexford this year have received a financial boost after it was announced that the price ceiling for the First Home Scheme (FHS) has been increased. Under the FHS the government helps first-time buyers purchase new homes by providing funds for up to 30 pc of the property cost in exchange for an equivalent equity stake. As of January 1, a €25,000 increase has been applied to the scheme for houses and apartments in Wexford, giving prospective home-owners greater scope to purchase their first property.

The increase will bring more homes within the eligible price range for purchase with scheme support. This adjustment raises the eligible value of houses (including self‑builds) and apartments in Wexford to €400,000 broadening access to the scheme and ensuring that more prospective homeowners can benefit from its supports.

The revised ceilings will allow many prospective buyers who were previously excluded because their preferred home exceeded the local price limit to now qualify for support under the scheme. The changes may also encourage the supply of additional new homes in areas with low stock of new homes.

Since the launch of the scheme in 2022, there have been 223 First Home Scheme approvals in Wexford.

Minister for Housing, Local Government and Heritage, James Browne, TD said: “This announcement is good news for people looking to purchase or build a new home in Wexford. Our new Housing Action Plan, Building Homes, Delivering Communities, recognises home ownership as a core objective. By raising the ceilings under the First Home Scheme, we are giving more first‑time buyers and other eligible applicants the support they need to secure a home of their own. This is about broadening opportunity and making the ambition of home ownership achievable for many more people.

“A core objective of the scheme is to maximise access to home ownership while avoiding any distortion of local housing markets. The revised ceilings reflect current market conditions and ensure the scheme continues to support buyers effectively and responsibly.”

The scheme provides financial support to borrowers and facilitates them in purchasing a new home (or building their own home) that they could not otherwise do after combining their available mortgage and deposit.

Since the launch of the FHS 8,399 buyers in all 26 counties have received approval to purchase their first home. The FHS has provided over €273m in support to people who have bought or self-built their homes.