Potential first time buyers who were priced out of buying homes given hope as threshold increases to €425,000

There is welcome news for first time home-buyers in Meath this week as the county's price ceiling for the First Home shared equity scheme has risen from €375,000 to €425,000.

This latest rise will mean properties in the Ratoath, Ashbourne and Laytown/Bettystown electoral areas will now come under the scheme.

"This is great news. It will give hope to first time buyers who were priced out of buying homes in the Ratoath, Dunshaughlin, Dunboyne, Ashbourne and Laytown/Bettystown areas," said Cllr Damien O'Reilly.

"This is something I have been campaigning for - until now there was no possibility of somebody buying a house in Dunshaughlin or Ratoath under the shared equity scheme - the starting prices in this area was higher than the price ceiling for the county."

The First Home Scheme is a shared-equity scheme, where the State and participating banks pay up to 30 per cent of the cost of a new home in return for a stake in the home.

The scheme is available nationwide for first-time buyers and certain other people who want to buy a new home but can’t afford to. It enables eligible purchasers to bridge the gap between their deposit and mortgage. Thresholds for the scheme which helps first time buyer get on the property ladder were increased before Christmas, but the threshold introduced at that time was too low for anyone hoping to buy in Dunboyne, Ashbourne, Dunshaughlin, Ratoath or Clonee.

On Friday, Cllr O’Reilly was informed of the increased ceiling.

"This is great news for young people in this area trying to buy their first homes. Under the scheme, a new house in Meath valued at €425,000 can be purchased under the saved equity scheme and they can also avail of the first time buyer grant of €30,000."

"I requested this amendment with a motion at Meath County Council some months ago. I would like to thank Minister for Housing, Darragh O'Brien and CEO of First Home Scheme, Michael Broderick for all their assistance and correspondences on this matter over recent months."

Cllr O'Reilly wrote to Housing Minister, Darragh O'Brien in January pointing out the rate for Meath was useless to first time buyers in Ratoath and Ashbourne Municipal districts, as property prices had exceeded the threshold long before.

At the time, he told the Minister: "In the estate where the new Cluid houses were opened last week - The Willows in Dunshaughlin, a three-bed house starts at €420,000 and a four-bed home starts at €465,000."

He pointed out that Ashbourne, Clonee, Ratoath, Dunshaughlin and Dunboyne were selling two, three and four bed houses at prices well over the €375,000 ceiling which was in place until last week.