New discounted homes for first-time buyers in Limerick under construction

NEW DISCOUNTED homes will be on offer for first-time buyers in Limerick, as the Council launches its fourth initiative in the New Build Incremental Purchase Scheme.

The new houses will become available for sale at Baker Place, Bridge Street in Knocklong, Co. Limerick, with Limerick City and County Council now accepting applications.

Under the New Build Incremental Purchase Scheme, this initiative offers working households on HAP and RAS the chance to purchase a discounted market home in rural Limerick.

Eligible applicants can buy these newly constructed starter homes at a 40% to 60% discount, based on certain income bands.

There are three three-bedroom and one four-bedroom homes priced between €112,000 and €210,000, depending on income on offer.

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The houses are energy-efficient with modern features and spacious designs and are currently under construction and set to be completed soon.

Eligible candidates are able to apply now until January 10, 2025, at 5pm, when the deadline closes. Eligible candidates must submit a complete application, including Mortgage Approval in Principle, to be considered.

Mayor of Limerick, John Moran, emphasised the importance of such schemes in addressing rural housing pressure and said “it is nice to see this project right in the heart of Knocklong”. 

“Tackling housing challenges right across Limerick is a critical part of our strategy,” he said.

“The scheme, although modest, offers more people an affordable way to settle down.  It is part of an objective to foster strong, sustainable communities with a diverse mix of tenures, incomes, and housing types.  

“Homeownership helps create strong community binds and additionally, it reduces reliance on the State exchequer by lessening the need for HAP and RAS revenue spend.”

With rural areas facing increased housing pressures, this scheme aims to support working families and individuals in transitioning from private rental accommodation, including those availing of HAP, RAS, or social leasing, into homeownership. 

Caroline Curley, director of housing in the Council, highlighted the success of previous initiatives: “This is the fourth Incremental Purchase Scheme we've introduced, and we are committed to providing working HAP and RAS households with real opportunities to own high-quality, discounted market homes. 

“We are excited to see this project come to life in Knocklong, which will serve as a template for other towns and villages across the county.”

Visit Limerick.ie/Starter-New-Home-Purchase for eligibility criteria and details on how to apply.