Waterford sees 92 per cent increase in first home scheme drawdowns

Waterford saw a 92 per cent increase in First Home Scheme drawdowns in last year.

According to a spokesperson for the scheme - part of the Government's new housing plan - the initiative saw 92 drawdowns take place in Waterford to date, compared with 48 by the end of February 2025.

First Home Scheme approvals in Waterford rose by 68 per cent in one year, to 196.

The scheme spokesperson said the initiative had also supported 5,000 home purchases nationwide by bridging funding gaps for first-time buyers and fresh start applicants.

The First Home Scheme, a major part of the Government’s new Housing Plan, ‘Delivering Homes, Building Communities’, announced earlier this week it had supported 5,000 home purchases nationwide.

The scheme was set up to provide funding to first-time buyers who, despite having a deposit and mortgage approval in place, still could not cover the cost of a new-build home. In exchange for providing funding, the scheme takes an equity stake of up to 30 per cent in the home.

Of the 5,000 home purchases supported since the scheme’s inception in July 2022, almost four in ten (36 per cent) have come in the last year. The scheme has provided over €330 million in support to people who have bought or self-built their homes.

A joint application is regarded as one buyer, not two – which means that approximately 8,000 people (2,000 single buyers and 3,000 joint buyers) benefited from the scheme to date.

Over 9,000 applicants across all 26 counties have been approved by the Scheme since 2022 and have received eligibility certificates allowing them to buy or self-build their chosen home.

According to figures released to Waterford News & Star, the average age of buyers availing of the scheme is 37, and the house verus apartment split is 4,653 and 347, respectively.

Commenting on the scheme, Minister for Housing, Local Government and Heritage, James Browne TD, said: “The First Home Scheme is one of our key tools in supporting people to own their own home and it is encouraging to see this significant milestone reached. This demonstrates a continued upward demand for the scheme."

He said supporting more people on their path to owning a home is one of his priorities, and he said the Government is committed to delivering on the actions set out in the new Housing Action Plan.

Meanwhile, the First Home Scheme Chief Executive, Michael Broderick, said: “The Scheme’s 5,000th drawdown is a hugely significant milestone which emphasises the importance of financial support for first-time buyers at a time of acute demand for homes around the country. It is encouraging that the scheme is growing year-on-year, with almost four in ten purchases having taken place in the last 12 months."

“The success of the First Home Scheme is dependent on a lot of hard work and support from multiple stakeholders, including our colleagues in the Department of Housing and participating lenders AIB [including Haven and EBS], Bank of Ireland and PTSB, without whom none of this could have been possible," he said.

"I am proud of the fact that, by bridging funding gaps for first-time buyers and fresh start applicants, we are making a major difference to many people’s lives by giving them an opportunity to become homeowners," he said.

"We are acutely aware of the importance of home ownership in Ireland, and I am looking forward to seeing the Scheme go from strength to strength in the months and years to come.”