LDA calls for more applications to Shared Equity home purchase schemes

Tánaiste Micheál Martin recently visited a Project Tosaigh development in Mallow, Co Cork, to meet new homeowners and hear of their experience of being able to purchase their own home with the assistance from the state-promoted First Homes Scheme.

The Tánaiste met new homeowners in Clonmore in Mallow, a development of 95 A-rated homes, which was delivered by the Land Development Agency (LDA) in partnership with Cork County Council and the O’Flynn Group.

The Tánaiste heard from purchasers about how they would have struggled to own a new home were it not for the possibility of buying through the Local Authority Affordable Purchase and First Homes shared equity schemes on offer.

One recent purchaser told the Tánaiste how he was worried about saving for a deposit needed to obtain a full mortgage while also paying rent but was able to bridge the affordability gap as he was eligible to purchase a home under the Local Authority Affordable Purchase Scheme. Other residents discussed the positive timeframe in which they could apply for schemes, with some moving into their new home less than six months after initially applying.

Affordable purchase homes have been launched by the LDA in Summerfields, Kilbarry, Co Waterford, in addition to Clonmore. The 92 homes in Kilbarry are being delivered through a partnership involving the LDA, Waterford City & County Council and the Whitebox Group. Further homes will be available in additional locations soon.

The Tánaiste said: “I am delighted to visit Clonmore and to meet new homeowners of affordable purchase homes. The government has ambitious targets to deliver affordable and cost rental homes, and the LDA and local authorities are making significant progress. We are conscious of the pressing need to maintain momentum in this regard and to continue to ensure the delivery of more housing, but it is also good to recognise successful projects that are already delivering and to meet and engage with the homeowners who have benefitted from the work and the considerable investment involved.”