Minister announces raise in value limit for Co-Ownership

Communities Minister Gordon Lyons has raised the upper property value limit for Co-Ownership.

The change sees an increase in the limit from £190,000 to £195,000, in a move that will support more people into home ownership.

Minister Lyons said:

“As Minister with responsibility for housing, I am committed to helping more people and families as they seek to access home ownership.  Co-Ownership is a key part of this, with over 10,000 homes in Northern Ireland currently supported by the scheme.

“As well as making homes more affordable for buyers, this announcement should provide further confidence to the construction sector as it continues to provide new housing.

“For all the societal and economic benefits that good housing brings, the real impact here is on individuals and families. As Minister for Communities, people are the focus of both my work and the work of the Department as we seek to deliver positive change.”

Co-Ownership is, as Mark Graham, Chief Executive explains, a lifeline for many buyers.

He said:

“Shared ownership remains a crucial part of the affordable housing market in Northern Ireland, and we are pleased that with the Department’s support our work will continue to make a hugely positive societal contribution.

“This increase to £195,000 will ensure our products keep pace with house prices, meaning more people can find a home to suit their needs, and we can continue to support as many people into home ownership as possible. As this announcement details, we remain committed to helping those who may not otherwise be able to afford a home of their own, and we’re confident that this change will have a positive impact on applicants to Co-Own, Co-Own for Over 55s and Rent to Own.”

Notes to editors: 

1. Photo Caption: Communities Minister Gordon Lyons and Co-Ownership Chief Executive Mark Graham mark the increase in the limit for Co-Ownership housing from £190,000 to £195,000
    
2. Co-Ownership has helped more than 32,000 into home ownership since 1978, with more than 20,000 people buying out the Co-Ownership share to date.
    
3. For media enquiries please contact the Department for Communities email: Press.Office
    
4. Follow the Department on Twitter @CommunitiesNI
    
5. The Executive Information Service operates an out of hours service for media enquiries only between 1800hrs and 0800hrs Monday to Friday and at weekend and public holidays. The duty press officer can be contacted on 028 9037 8110.

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