Northern Ireland's Communities Minister has announced wider support
for Co-Ownership housing.
The change sees an increase in the Co-Ownership property value
limit from £175,000 to £190,000 to continue to support people
into home ownership.
The property value limit is the cap on the value of a property
that can be purchased through Co-Ownership, and applies to
Co-Own, Rent to Own and Co-Own for Over 55s.
Minister Hargey said: “I want to ensure people and
families can access good quality, affordable housing. That
is why my Department is increasing the Co-Ownership property
value limit by £15,000 to £190,000.
“I have heard first-hand how energy bills and other price
increases have created very challenging and uncertain economic
times for many people, especially those from lower income
households.
“Shared ownership can provide an alternative to the
private rented sector. It is important that the option of shared
ownership is open to as many people as possible. Today’s
announcement will help more households own
their own home, where affordability barriers are otherwise
preventing them from doing so.”
Co-Ownership is the Department’s main delivery partner for
affordable shared ownership housing, with 10,000 customers across
Northern Ireland currently being supported.
Mark Graham, Chief Executive of Co-Ownership, said: “Prices
continue to rise across the local property market, so we are
delighted with the Department for Communities decision to
increase our Property Value Limit to £190,000. We welcome this
agility as it helps us to continue to support as many people into
home ownership as possible by keeping pace with and reacting to
the current challenges presenting themselves to first time
buyers.
“Crucially, this renewed property value limit remains ahead of
the average house price in Northern Ireland so we’re confident
that this change will have a positive impact on incoming
applicants. We have helped over 30,000 people to date and year on
year we are responsible for around 10 per cent of the first
buyers’ market indicating the continued need for alternative
routes to home ownership. As this announcement details, we remain
committed to helping those who may not otherwise be able to
afford a home of their own.”
The new limit will apply to applications submitted to
Co-Ownership on or after 21 September 2022.
Further information about all of Co-Ownership’s products can be
found by visiting www.co-ownership.org.
Notes to editors:
- Co-Ownership has been operated by the Co-Ownership Housing
Association since 1978. Co-Ownership is a registered housing
association and charity and is regulated by the Department.
- Currently £158 million of funding has been approved to
Co-Ownership to support over 4,000 households into home ownership
by 2024.
- The Rent to Own product allows prospective home owners to
choose a new build house anywhere in Northern Ireland up to the
property value limit. If the property is suitable, Co-Ownership
will buy it and rent it to the prospective home owners for up to
three years, with the owner able to purchase it any time after
the end of the first year.
- £8 million of further funding has been provided to support
Co-Own for over 55s, which opened for applications in June 2022,
this product is based on a shared ownership model and is for
people who want to move to a more suitable home that better meets
their needs as they age, but can’t afford to do so on their own.
- NISRA’s Northern Ireland Housing Bulletin Q2 2022 reports
that the average house price is now £169,063, an increase of 9.6%
since Q2 2021.
- Co-ownership have reported that 93% of their purchases for
2021/22 were made by first time buyers.
- 46% of Co-Ownership customers for 2021/2022 came from the
private rented sector.
