Affordable Housing Schemes Coming to the Market

Strong interest is expected in 2024 in a very good new Housing For All government measure – it is the Affordable Purchase Scheme which helps aspiring home owners to bridge the gap between what they can afford and the market price of the home. It applies mainly to first time buyers of new homes.

Hooke & MacDonald who specialise in the sale of new homes have a number of qualifying schemes coming on the market this year in Local Authority areas such as Fingal, South Dublin, Dublin City and Kilkenny City and are very confident that the scheme will prove popular and helpful to many would-be home owners.

Local Authorities will offer qualifying parties the opportunity to buy a new home at a price they can afford, that is lower than the market value. The affordable purchase price to be paid will be linked to a persons income, savings and mortgage capacity and who can demonstrate that they have the purchasing capacity between the minimum and maximum purchase price.

The scheme provides approved purchasers an equity facility whereby the County Council release funds towards the purchase in return for the Council taking an equity stake/percentage ownership. The purchaser can buy out the Council’s equity whenever they like, in whole or part, or when the property is resold or transferred. Applicants must have a minimum deposit of 10 per cent of the purchase price.

Hooke & MacDonald will be bringing houses to the market for sale under the Affordable Housing Scheme for Cairn Homes/South Dublin County Council in Parkleigh, Seven Mills, Dublin 22; also for Cairn Homes/Kilkenny County Council in Nyne Park, Kilkenny City, jointly with Warren McCreery Estate Agents; for Fingal County Council/GEM Group at Church Fields East, Mulhuddart as well as in other locations in Leinster.

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