Communities Minister Deirdre Hargey has congratulated Co-Ownership on supporting 10,000 households to continue on their home ownership journey.
Co-Ownership is a not-for-profit organisation that helps people get onto the property ladder who cannot do it by themselves.
Minister Hargey said:
“This significant milestone in the provision of affordable housing here demonstrates the continued success of the Co-Ownership scheme. I am delighted that the allocation in 2020 of £158million of funding from my department, which is in place until 2024, will ensure that Co-Ownership can continue to provide an affordable route into home ownership for some of those who would otherwise be unable to purchase their own home.
“I have always been keen to highlight that housing is much more than simply a place to live. Home ownership can have significant benefits for people and families, both financially and in terms of their wider wellbeing. I do acknowledge that the continued rise in house prices, high rents in the private sector and the wider economic landscape have made it more difficult for people to get on the property ladder, particularly young people and first time buyers. Therefore I welcome that fact that Co-Ownership, as a highly valued delivery partner of over 43 years, continue to support these people by contributing significantly each year to supporting the first time buyers’ market here.”
Chief Executive of Co-Ownership, Mark Graham, said:
“Co-Ownership is now supporting 10,000 households and having reached this significant milestone shows just how important we are to the local housing market. Since 1978 we have helped over 30,000 people. We look forward to supporting our 10,000 customers continue on their home ownership journey, and helping more people into home ownership over the coming months.
“Owning a home brings about a lot of positives to our own wellbeing and to the economy but there are many people that need support to attain a home of their own. The continued support Co-Ownership has received from the Department for Communities, particularly in recent times as we all continue to navigate the impact of the pandemic, is vital to the work that we do. This support shows us that the Minister understands that alternative routes to home ownership are not only needed but effective.”
Notes to editors:
- The Co-Ownership Scheme 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. The Department provides the majority of Co-Ownership’s funding.
- £158million of funding has been approved to Co-Ownership to assist 4,422 people into home ownership by 2023/24.
- Co-ownership operate on a “DIYSO” (Do It Yourself Shared Ownership) basis where customers select a property of their choice to purchase through shared ownership. As such, Co-Ownership do not develop intermediate housing projects themselves, however 32% of Co-Ownership purchases for Q1 of 2021/22 were new builds.
- 45% of Co-Ownership customers for 2020/2021 came from the private rented sector.
- First time buyers are essential to the Housing Market in NI, making up almost two thirds of property transactions, and Co-ownership have reported that 94% of purchases made using their scheme are made by first time buyers.
- More information on the two main products of Co-Own and Rent to Own are available on the Co-ownership website
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