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Tuesday 26 February 2008
In response to today’s statement by the Minister for Social Development, Margaret Ritchie, announcing an imaginative package of proposals to deliver more affordable homes quickly, Alan Crowe, Chief Executive of Co-Ownership Housing states:
“This is a comprehensive package with a huge amount of potential for Northern Ireland. The Minister has taken a radical new approach to tackling affordability problems and we are delighted to be playing a key role in helping more people onto the property ladder.
“Today’s first time buyers are very savvy. Demand for Co-Ownership has hit record levels over the last few months – with house prices at 10 times average incomes it’s the only route for many onto the property ladder. We will work to ensure that the Minister’s changes continue to deliver an effective service.
“From 1 st April onwards, the historic 30 year old system of capping the value of properties eligible for Co-Ownership is to be abolished. This will mean that in locations all over Northern Ireland people will now find it much easier to find an affordable home.
“Abolishing the cap will also strengthen our negotiating position when new homes are at the planning stage, to maximise the number and value of affordable homes that can be provided. We are already working successfully in strategic partnerships with private developers and housing associations to introduce mixed tenure developments in many parts of Northern Ireland.”
The Minister’s proposals for 2008 also include developing a mortgage rescue scheme and an equity sharing scheme for Housing Executive tenants who cannot afford to buy their home outright. Alan advises that Co-Ownership has been piloting a mortgage rescue scheme and is keen to take forward this initiative. He also sees a lot of scope for a tenants’ scheme, helping people to buy a stake in their homes in conjunction with Co-Ownership.
“This is a very exciting time for housing. Northern Ireland has a major opportunity with these proposals to learn from the experience of our neighbours and put in place initiatives that are designed to fit Northern Ireland’s housing needs.”
(External) select this link to view DSD press release.
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