Inside Track

Explained: Local Authority Affordable Purchase Scheme

What is the Local Authority Affordable Purchase Scheme and how does it work?

Looking for your new home is a very exciting time for prospective homeowners, but often the financial strain of buying a house can make the process much more complicated, particularly in the current climate.

In light of these challenges, a number of schemes and incentives have been created and made available to make the goal of owning a home much more achievable for everyone.

One of the newer housing schemes developed to help with a focus on improving access to housing is the Local Authority Affordable Purchase Scheme. 

92 of the new homes at Summerfields have been earmarked as part of Waterford Local Authority Affordable Purchase Scheme units.

The Affordable Purchase Scheme helps people on low to moderate incomes buy homes at reduced prices.

Through this scheme, Waterford City and County Council takes a percentage equity stake (share of the ownership) in the home equal to the difference between the open market value of the property and the reduced price paid by the purchaser.

Below are details of some of the most important information to consider about the scheme before submitting an application in your region. 


Key information on the Local Authority Affordable Purchase Scheme

  • The scheme is run by Local Authorities in Ireland with the aim of providing first-time buyers with the opportunity to buy a home, where their income is insufficient to attain a house independently.
  • The Local Authority take a percentage of equity in the newly-built home, which results in a discount on the cost of the home for the buyers.
  • The new purchase price of the home will be the difference between the market value of the home and the percentage of equity taken by the Local Authority in the dwelling. 
  • The amount of discount received on the cost of the home will reflect the amount of ownership taken in the property by the Local Authority (e.g. 5% discount = 5% ownership).
    • The minimum discount on a property will be 5% and the maximum discount provided will be 25% of the market value of the property. 
  • After taking a stake in the home, the Local Authority will then have part-ownership, which can be bought back over time, if you wish, however, this is not a  requirement. 
  • The scheme will require a mortgage approval letter in principle upon application to highlight the maximum mortgage loan available to the purchasers. 
    • If your mortgage loan can cover 85.5% of the cost of the home, you won’t be eligible for the scheme.
  • Buyers will also be required to raise a 10% deposit for the home, which can be acquired independently or with the aid of the Government scheme, Help to Buy.
  • Eligibility for the scheme will depend on a number of factors such as:

    • Eligibility to reside in Ireland
    • First-time buyer or ‘fresh start’ status (with some exceptions)
    • Income between €56,000 to €81,000 a year
    • Your level of savings 
    • A combined mortgage and deposit that would be insufficient to purchase the home at market value

For more information on requirements and eligibility for the Local Authority Affordable Purchase Scheme, click here.

Applications for any Local Authority Affordable Purchase Scheme can be found on the relevant Local Authority website, as the scheme is launched across various locations in Ireland. 

Summerfields - Local Authority Affordable Purchase Scheme

Our Elder Walk, Summerfields development is one of two developments involved in the Waterford City Local Authority Affordable Purchase scheme, which will be offering a total of 92 affordable houses under the scheme – 68 three-bedroom and 24 four-bedroom properties.

Summerfields is one of Waterford’s newest urban villages surrounded by numerous amenities including one of Ireland’s newest universities, SETU, and employment centre, IDA. 

The new development will also have a convenient location, being just a short driving distance from University Hospital Waterford, large retail parks and the beautiful seaside towns of Dunmore East and Tramore. 

Summerfields is also built with sustainability being at the heart of our design, meaning our newly-built homes will be A-rated and contribute to being environmentally conscious with features such as:

  • Air to Water Pumps 
  • Solar Panels 
  • Natural Planting 
  • Heat Recovery Ventilation 
  • Battery Storage 
  • Electric Vehicle Charging

These cost for these affordable homes will be €226,564 for a 3-bedroom semi detached with a market value of €301,564 & €256,214 for a 4-bedroom semi detached with a market value of €331,214

Due to the high demand for the properties included in the Waterford City and County Council Affordable Purchase Scheme, the deadline for applications to the scheme has been extended.

For more information on the Waterford City and County Local Authority Affordable Purchase Scheme, please contact Íde on 051-822 025 or and Melanie on 051-849 736 or

If you are looking to buy a new home, why not browse some of our latest developments and speak to one of our expert property specialists today?

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