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Pathway to supporting homeownership and increasing affordability
From Department of Housing, Local Government and Heritage
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Last updated on
Affordability and the chance to own a home is at the heart of the government’s housing policy. It recognises that significant new supports are needed so that those who want to own their own home can do so, and that those who wish to rent are able to do so at an affordable rate. That is why the government is introducing and implementing new measures to make homes more affordable.
Among the main actions under this pathway are:
- 33,000 new units per year, on average, up to 2030. This includes over 10,000 social homes and 6,000 affordable homes
- an average of 6,000 affordable homes to be made available every year, for purchase or for rent. These will be provided by local authorities, Approved Housing Bodies, the Land Development Agency (LDA) and through a strategic partnership between the State and retail banks
- a new, national, affordable purchase ‘First Home’ shared-equity scheme. This will be available for buyers of new build homes in private developments, until 2025
- a new local authority-led ‘Affordable Purchase Scheme’
- an expanded Local Authority Home Loan Scheme
- the LDA to deliver a significant number of homes on State lands. This will be done in association with local authorities in major mixed-tenure developments
- Rent Pressure Zone protections extended to the end of 2024. Rent increase caps will be linked to the Harmonised Index of Consumer Products
- introduction of indefinite tenures (that is, tenancies with no time lengths) for rent leases
- introduction of a new form of rental tenure (agreement) called ‘cost rental’ with targets of rents being at least 25% below market value
Taken together, these measures will enable thousands of individuals and families to own their own home in the near-term. It will also reduce the pressures on thousands of people renting who currently face uncertainty about their future.
Read this pathway of ‘Housing for All’ in full.
Housing for All: A New Housing Plan for Ireland - Pathway1
DownloadOn 14 December 2021, the Planning and Development (Amendment) (Large-scale Residential Development) Bill 2021 became law. The Act gives legislative underpinning to guidelines aimed at ensuring new houses and duplex units in housing developments are not bulk-purchased by commercial institutional investors in a way that causes displacement of individual purchasers and/or social and affordable housing.
On 11 December, the Residential Tenancies (Amendment) Bill 2021 became law. The Act addresses long-term security of tenure by introducing tenancies of unlimited duration. This means that after six months’ duration, new tenancies will be established for an unlimited duration and not subject to expiry at the end of a six-year term, at the discretion of the landlord.
The Local Authority Home Loan has been revised and expanded. The regulations were signed by the Minister for Housing, Local Government and Heritage on 9 December 2021. A key improvement of the new revised home loan is an increase to the income ceiling for single applicants by €15,000 to €65,000 in counties Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow. In addition, the interest rate has been reduced by 0.25%.
The Finance Act 2021 became law on 21 December 2021. The Act extends the Help to Buy scheme in its current enhanced form for a further year to the end of 2022. The Help to Buy scheme helps first-time property purchasers to purchase or self-build a new house or apartment. The scheme will be reviewed in the course of 2022.
Pathway to Supporting Homeownership and Increasing Affordability: Factsheet
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Cost Rental: Factsheet
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First Home Scheme: Factsheet
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Local Authority Home Loan Scheme: Factsheet
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Local Authority Affordable Purchase Scheme: Factsheet
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Housing for All: ‘First Home’ Shared Equity Scheme - Infographic
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Housing for All: ‘First Home’ Shared Equity Scheme Infographic - Accessible Version
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Housing for All: Local Authority Affordable Purchase Scheme - Infographic
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Housing for All: Local Authority Affordable Purchase Scheme Infographic - Accessible Version
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Housing for All: Cost Rental Scheme - Infographic
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Housing for All: Cost Rental Scheme Infographic - Accessible Version
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Housing for All - Local Authority Home Loan Scheme - Infographic
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Housing for All - Local Authority Home Loan Scheme Infographic - Accessible Version
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