Valuations under State’s shared-equity scheme increased as details for your council area revealed

This is because the price ceiling that properties qualify for inclusion in the First Home scheme has been increased in 14 counties.

The shared-equity scheme, which is for new properties and self-builds, is a €480m fund set up to help first-time buyers to bridge the gap between their mortgage, deposit and the price of a new home.

Under the scheme, the State provides interest-free equity stake for a six-year period for a stake of up to 30pc in the home.

There are maximum property price ceilings for each local auth­ority area. Now those price ceilings have increased by €25,000 in 14 counties, reflecting strong growth in property prices.

All new homes in Ireland worth up to €350,000 were now eligible for the scheme irrespective of location, with higher price ceilings of up to €500,000 in areas of greatest demand, First Home Scheme said.

It said the increase in price ceilings would address viability issues in some counties, which would ncrease the supply of new homes for first-time buyers.

This extension follows the latest of the scheme’s scheduled twice-yearly reviews of the price ceilings that apply to qualifying homes.

The ceiling in Limerick city and county will increase by €25,000 to €425,000 for houses, including self-build homes. The ceiling for apartments in Limerick remains at €450,000.

The other 13 counties’ ceilings are increasing by €25,000 to €350,000 for houses, including self-build homes and apartments.

The 14 counties that are increasing are Carlow, Cavan, Donegal, Kerry, Leitrim, Limerick, Longford, Mayo, Monaghan, Offaly, Roscommon, Sligo, Tipperary and Wexford.

The scheme is a joint venture between the State and three banks, currently AIB (including EBS and Haven), Bank of Ireland and PTSB, with an ability for other authorised mortgage lenders in the Irish market to join the scheme.

Housing Minister Darragh O’Brien said changes announced would extend the reach of the First Home Scheme and make it easier for more people to avail of the scheme.

“The scheme has been a big success in making home ownership a reality for people who would have been unable to bridge the affordability gap otherwise and just recently Government and our partner banks committed further funding to the scheme.”

Critics have accused the scheme of inflating property prices.

Under the scheme, no payments are due to the First Home Scheme if the equity stake is bought out in the first five years of ownership.

After that period, scheme participants will be liable for a service charge starting at 1.75pc of the euro value of the original equity provided by the First Home scheme.

First Homes Scheme has no income limits for those who apply for it.