A pipeline is in place with almost 38,000 homes approved for planning permission in the 12 months to the end of March 2024. Over 25,000 new social homes are either on site or at design and tender stage.
Over 4,850 buyers have been approved under the First Home Scheme since its launch two years ago, with over 1,900 homes already bought using the scheme. 4,200 claims were made under the Help-to-Buy Scheme, which helps first time buyers with their deposit, in the first half of this year, an increase of almost 30% on the same period in 2023.
Quarterly Highlights:
* Record 32,121 new homes started construction in first five months of 2024.
* First Home Scheme making affordable home ownership a reality for thousands of our citizens – Over 4,850 approvals in first two years of the scheme.
* Proposed target of eight-week turn-around time in conveyancing and probate.
* Government approves establishment of new independent Building Standards Regulator to ensure no repeat of past mistakes.
* New Local Authority Renovation and Purchase Loan open for applications
Quarter 2 saw progress in relation to planning system reform and the promotion of innovation in the construction sector, in addition to the conclusion of an important review of the conveyancing and probate processes.
Several recommendations to improve both processes (including a national eight-week completion target so that much-needed homes do not lie empty for long periods of time) will now be implemented.
The Government has also agreed to establish a new independent Building Standards Regulator to strengthen the oversight role of the State, further reduce the risk of repeating the building failures of the past and increase public confidence in construction-related activity.
The Local Authority Purchase and Renovation Loan, which had been approved by Government at the start of June, opened for applications nationwide at the end of July. The loan – an expansion of the Local Authority Home Loan – will support the purchase and renovation of homes which are eligible under the existing Vacant Property Refurbishment Grant. The Government is scheduled to publish an updated ‘Housing for All’ Action Plan in the autumn.
