House prices have risen due to inflation, with prices rising as you get closer to the major cities. The rise of prices has slowed in recent months but, on average prices are still up by 13% similar to pricing during the Celtic Tiger. This inflation in pricing hasn’t stopped first time buyers starting to purchase homes, this may be caused by fear of housing prices increasing further.
The Government have implemented schemes such as the Help-to-Buy (HTB) incentive and the First-Home-Scheme which are being used in Bower Hill. These schemes will help first time buyers to buy a home but also leave them with mortgage repayments that may be similar or lower to what they are already paying in rent prices. For those on the lower end of earnings and single buyers it gives them the opportunity of securing an attractive mortgage through their local authority.
To qualify for the schemes, buyers must have paid the equivalent amount of income tax within the preceding four years. The buyer must have never bought or built a home by themselves or alongside someone else. The HTB incentive was scheduled to run until the end of the year but has been extended until the end of 2024.
The Governments First-Home Shared-Equity Scheme which is aimed at “helping first time buyers bridge the gap between what they can borrow under the central Banks mortgage-lending rules, and the price of a new home”.
The First-Home-Scheme is a shared Equity scheme where the Government takes a stake in your home in return for a percentage of the price of a property in a private development. First time buyers can get up to 30% of the value of their home.
The Help-to-Buy Scheme is a Government tax-re-fund scheme which will help first time buyers reach the 10 per cent deposit re-quired to buy a newly built home.
Further details of Westmeath County Councils affordable scheme at Bower Hill can be found at : https://www.westmeathcoco.ie/en/ourservices/housing/housingforall/