A total of 7,605 buyers have been approved and 3,691 have been purchased under the First Home Scheme in the three years since it launched.

The €740 million shared equity scheme, a joint venture between the state and banks AIB, Bank of Ireland and PTSB, has seen a significant uplift in take-up this year.

The 1,778 homes bought or built over the past 12 months represents a 22 per cent increase from 1,457 in the year to the end of June 2024.

In the second quarter of the year, 831 buyers were approved and 368 homes were bought or built under the scheme. To date, €240m has been provided to people buying or self-building their homes.

The average price for homes purchased, or build cost for homes built, using the scheme is €386,000, and an average of €66,000 or 17 per cent of the purchase price is being provided by the scheme.

Two-thirds (66 per cent) of scheme users are also availing of Help to Buy, and nearly three-quarters (72 per cent) of approvals have been for buyers in Dublin, Cork, Kildare, Meath and Wicklow.

James Browne, the minister for housing, said the scheme has proved "hugely popular" and that he wants to see its success built upon in the coming years. A total of 17,300 people have registered their interest in the scheme since launch.

“As we enter our fourth year in business, we’re very encouraged by the level of appetite among First-Time Buyers who can see how the Scheme can make home ownership possible for them," said Michael Broderick, chief executive of the First Home Scheme.

"We have significant capacity to help more First-Time Buyers of new homes as well as people who want to build their own home and tenants who want to buy their current home from their landlord."

On July 1, the price ceilings for homes being purchased under the scheme were raised in 16 local authority areas to "reflect local market conditions," according to Broderick.

(Pic: Getty Images)