PROPERTY WATCH: Tour Laois County Council new Portlaoise affordable houses

Laois County Council is selling 16 homes in Laois under the Affordable Home Purchase Scheme aimed at helping first-time buyers who can't get on the property ladder.  

The Council is putting the homes at Kilminchy, Portlaoise on the market in partnership with Magisterium Ltd and the Department of Housing, Local Government and Heritage. To read more about how to buy a house under the scheme read below the first photo picture - to see more pictures tap NEXT or ARROW.

Launched nationally in 2021, the Local Authority Affordable Purchase Scheme helps people on moderate incomes to buy new homes at reduced prices. New homes under this scheme are located in areas with the greatest housing need and where affordability is an issue. The local authority takes a percentage stake in your home that covers the price reduction.

New homes under this scheme are located in areas with the greatest housing need and where affordability is an issue. The local authority takes a percentage stake in your home that covers the price reduction.

If you buy the home at a 20% discount, the local authority will have a 20% stake in your home. You must buy back the local authority’s stake after 40 years or if you sell your home, but you can repay it any time before this. This scheme is aimed at first-time buyers, but there are some exceptions.

Laois County Council says such schemes help bridge the gap for first-time buyers between their purchasing power and the market prices of new homes.

John Mulholland Chief Executive, Laois County Council, welcomed the initiative.

“This is a very positive step forward for Laois County Council in progressing the delivery of Affordable Homes in Laois. Laois County Council looks forward to launching more Affordable Schemes within the County, which will greatly benefit first-time buyers in particular,” he said.

Promotional material for the houses says they are 16 16 A rated two and three-bedroom new builds which are mid and end terrace properties.

Prices vary from €190, for the two mid-terrace homes to €290,000 for the the two three-bed end of terrace houses.

The price you pay for your new home under the scheme and the equity share the local authority takes in it are calculated by the local authority. This calculation takes into account your maximum mortgage capacity and the minimum price set for the home by the local authority. These calculations are done under regulations.

The maximum equity share the local authority will take in your home is 40% and the minimum is 5%.

You can get a mortgage from a bank or financial institution for your stake in the home. The Local Authority Home Loan and the Help to Buy Scheme may also be available.

The houses are located at Lake Drive, Lake Glade and Lake Crescent in the big estate of Portlaoise's Dublin Road.

Before registering and applying Laois County Council says the the following eligibility

• Applicant is a First Time Buyer or meet the exceptions under the Fresh Start Principle.
• Applicant owns a dwelling which, because of its size, is not suited to the current accommodation needs of the applicant’s household.
• The affordable home must be the applicant’s normal place of residence.
• All applicants must have the right to reside indefinitely in the State.
• All applicants are over 18.
• Applicant's purchasing power does not exceed 95% of the market value of the property.

Each Scheme will have different income limits depending on the cost and location of the homes.

Laois County Council has a section on its website where you will find more information on the Local Authority Affordable Purchase.

If after visiting you still have questions the council says you can contact the Affordable Housing Team via e-mail at affordablepurchase@laoiscoco.ie

The council says Clement Herron is the official auctioneer of the homes.