Co-own­er­ship pur­chases rise as home­buy­ers strug­gle to save de­posit

Es­sen­tial news for the first-time buyer

Belfast Telegraph - Propertynews - - News -

THE num­ber of homes in North­ern Ire­land bought through CoOwn­er­ship Hous­ing has in­creased by 15% in the last 12 months, new fig­ures re­veal.

More than 800 homes were pur­chased through the scheme in the 2017/ 18 fi­nan­cial year.

The not-for- profit or­gan­i­sa­tion says that this, in part, re­flects the fact po­ten­tial home­buy­ers are in­creas­ingly strug­gling to save for a de­posit.

With Co- Own­er­ship, prospec­tive home­own­ers can pur­chase a share of their cho­sen prop­erty any­where in North­ern Ire­land up to a max­i­mum pur­chase price of £ 165,000, and they may not need a de­posit, as some lenders ac­cept the Co- Own­er­ship por­tion for this pur­pose.

Re­cent re­search car­ried out by Co- Own­er­ship with po­ten­tial first­time buy­ers has shown that 42% of 25 to 34-year- olds says that lack of a de­posit is stop­ping them buy­ing a home.

Co- Own­er­ship Hous­ing Chief Ex­ec­u­tive, Mark Gra­ham, points out: “First time buy­ers typ­i­cally have to save many years for a de­posit and with many peo­ple now liv­ing in rented prop­er­ties and pay­ing high rents sav­ing is be­com­ing in­creas­ingly dif­fi­cult.

“As a re­sult, more and more peo­ple are us­ing Co- Own­er­ship to pur­chase a home. Work­ing with all the ma­jor mort­gage providers peo­ple can take the first step into home own­er­ship with­out the need for a de­posit and with lower monthly hous­ing costs com­pared with pri­vately rent­ing.

“For this rea­son, we hope to help 900 fam­i­lies be­come home own­ers through Co- Own­er­ship in 2018/ 19, en­abling even more peo­ple to buy the home.”

Co- Own­er­ship is North­ern Ire­land’s main provider of shared own­er­ship and has helped over 27,000 peo­ple onto the prop­erty lad­der since 1978.

With Co- Own­er­ship, prospec­tive home­own­ers can pur­chase a share of their cho­sen prop­erty (be­tween 50% and 90%) up to a max­i­mum pur­chase price of £ 165,000 any­where in North­ern Ire­land.

Mark Gra­ham, Co-own­er­ship Hous­ing Chief Ex­ec­u­tive.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.