The dream of owning a home is becoming increasingly difficult for many middle-class families as property prices soar and wages stagnate. However, a new government scheme aims to bridge the gap for squeezed middle home buyers, and it seems to be gaining traction. With hundreds of applicants already approved, this scheme offers hope and relief to those who have been struggling to get a foot on the property ladder. In this article, we explore how the scheme works and the impact it could have on the housing market.
The First Home shared equity scheme initiated by the government has piqued the interest of first-time buyers as per new figures. Since its launch in July last year, 1,336 buyers have been approved for the scheme. It is intended for individuals who do not qualify for social housing but lack an adequate income for obtaining a mortgage from a non-bank or bank lender in the current property market. First Home stated that applicants who have been approved have received eligibility certificates. Regions with the highest use of the scheme are Dublin, Cork, Kildare, Meath, and Wicklow. A total of 3,556 potential buyers have registered their interest in the programme, with the average purchase price being €368,000.
In conclusion, the scheme that bridges the gap for squeezed middle home buyers has opened new doors for many who once felt trapped in the rental market. With various financial benefits and incentives, it has become much easier for people to realise their dreams of homeownership. It is great to see that the government is taking an active interest in solving the housing crisis and providing opportunities for those who might not have had them before. It remains to be seen how the scheme will evolve in the coming years, but one thing is certain: it has already helped hundreds of people achieve their goals and set them on a path to a brighter future.
