Hanson increases Co-ownership value limits - 14 March 2007
Measures to make the Co-ownership shared equity housing scheme more accessible were announced by Social Development Minister David Hanson today.
Mr Hanson said: “I am keenly aware that soaring property prices are making it difficult for increasing numbers of people on lower incomes to buy a home of their own. The Co-ownership Scheme has traditionally helped to overcome such affordability barriers.
“I also appreciate that the current value limits on property eligible for purchase through Co-ownership are a constraint. Therefore I have decided to increase the value limits to £225,000 in 12 district council areas and to £180,000 in the remainder.
“I am mindful that Sir John Semple in his report on affordable housing, which is due to be published within the next few weeks, is likely to include recommendations on the co-ownership scheme. These will of course be carefully considered but given the current market conditions there is clearly a pressing need to increase the price limits at this time.
The changes I am announcing today will help make the co-ownership scheme more accessible to first time buyers in those areas where no properties were available within the previous price limits.”
Notes to editors:
- The Co-ownership scheme assists those on low incomes to access home ownership on a shared equity basis.
- Over 19,000 homes have been purchased through co-ownership over the past 29 years and more than half a billion pounds of public and private funds have been invested.
- Eligibility is determined by the financial status of the applicant and the price of the property being purchased. The current limits, which were established in October 2006, are set at £150,000 for Greater Belfast and Derry Council areas and £130,000 for the remainder of Northern Ireland. The new limits are as follows:
The limit will be increased to £225,000 in the following City/District Council Areas: Castlereagh, Belfast, Banbridge, Newry & Mourne, Lisburn, North Down, Derry, Ards, Coleraine, Magherafelt, Down, Newtownabbey.
The limit will be increased to £180,000 in the following City/District Council Areas: Armagh, Carrickfergus, Ballymena, Antrim, Limavady, Craigavon, Strabane, Cookstown, Dungannon, Fermanagh, Ballymoney, Omagh, Moyle, Larne.
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