Housing Minister has announced that £153m of
Financial Transactions Capital funding is to be provided to
Co-Ownership to help 4,000 households buy their own home over the
next four years. 1,200 of these will be new build.
The Minister has also announced an increase in the Co-Ownership
property value limit from £195,000 to £210,000, effective from 1
April 2025.
This new £153m funding injection is the latest measure taken by
the Minister as he seeks to address the challenges in our housing
system, including increasing supply across all tenures.
Minister Lyons said: “As I outlined in the Housing Supply
Strategy, I am committed to helping more people and families get
their foot on the property ladder. Co-Ownership is a key part of
this, with over 10,500 homes in Northern Ireland currently
supported by the scheme.
“I am delighted that this £153m programme will ensure
that Co-Ownership can continue to provide an affordable route
into home ownership for those who would otherwise be unable to
purchase their own home, enabling 4,000 households to realise
this dream over the next four years.
“We need to find new and innovative ways to deliver the
additional homes we need. This funding will leverage £543m of
investment from private and mortgage finance.
“This is a significant investment both in overall housing
supply and the wider strategic and economic benefits of
supporting home ownership. But the real impact here is on the
individuals and families who will pick up their keys and unlock
the door to their new and affordable home."
Raising the Co-Ownership limit from £195,000 to £210,000 will
provide prospective Co-Ownership customers with access to a wider
range of properties across Northern Ireland. The property value
limit is the cap on the value of a property that can be purchased
through Co-Ownership, and applies to their Co-Own, Rent to Own
and Co-Own for over 55's products.
The Minister added: “As I announce this new funding plan,
I want to provide Co-Ownership with the opportunity to deliver
the homes we need, and in particular create opportunities in the
new build market.
“The property value limit will increase to £210,000 from
1 April and this will ensure Co-Ownership products keep pace with
house prices, meaning more people can find a home to suit their
needs.
“The announcement should also provide further confidence
to the construction sector as it continues to develop new
housing, providing a much-needed increase to overall
supply.”
On this significant announcement, Mark Graham, Chief Executive of
Co-Ownership said: “The approved Programme for Government
acknowledges that good housing is essential to our health and
wellbeing. It positions shared ownership as a solution to help
people access affordable, sustainable, and quality housing that
meets their needs. Today's announcement further strengthens the
Department's commitment to Co-Ownership, with our organisation
set to deliver at least 847 homes for people this year, and up to
4,000 over the coming four years.
“Ensuring our model responds to rising property prices is crucial
to the success of shared ownership in Northern Ireland, however,
the supply of homes remains an issue. This needs to be a priority
if we are to build vibrant and sustainable communities that serve
people in the long-term. We look forward to continuing our
partnership with the Department, and collaborating with wider
sectoral stakeholders, to help as many people as we can in
Northern Ireland to own their own home.”
Anyone interested in finding out more about Co-Ownership and the
products it offers should visit the website: www.co-ownership.org
Notes to Editors:
- Co-Ownership is a housing association, registered charity,
and the Department's sole delivery partner for intermediate
housing for sale. For over 40 years, it has been helping people
with affordability issues into affordable home ownership, through
its shared ownership product, Co-Own.
- The Co-Own scheme has been operated has been operated by the
Northern Ireland Co-Ownership Housing Association (Co-Ownership)
since 1978. Co-Ownership is the Department's primary mechanism
for the delivery of intermediate homes and has helped over 33,000
people into home ownership.
- This funding will deliver 4,000 shared ownership homes over
the four-year period 2025/26 to 2028/29, and aims to deliver at
least 1,200 of them as new build properties.
- Providing £153m in government funding equates to a total
investment of £696m. This is made up of the announced £153m,
£153m from Co-Ownership private finance, and £390m from mortgage
lenders.
- The property value limit (PVL) represents the maximum market
value of a property that can be purchased through Co-Ownership.
It can be reviewed at any time if deemed necessary by the
Department's Housing Supply Unit (HSU).
- NISRA's Northern Ireland Housing Bulletin Q4 2024 reports
that the average house price is now £183,289, an increase of 9%
since Q4 2023. The average new build price for the same period
was £241,683, an increase of 10.5% from the previous year.
- Co-Ownership have reported that 91% of its purchases for
2023/24 were made by first time buyers.
- 50% of Co-Ownership customers for Q1-Q3 2024/25 came from the
private rented sector.
