Co-ownership purchases rise as homebuyers struggle to save deposit
Essential news for the first-time buyer
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.