Northern Ireland’s regional shared ownership provider, Co-Ownership, has announced an increase in the Property Value Limit for its Co-Own and Rent to Own products from £165,000 to £175,000. The change, which has been approved by Department for Communities, will apply to applications submitted to Co-Ownership on or after 1 December 2021.
The increase is designed to support people across Northern Ireland as they seek to become homeowners, whilst responding to rising property prices.
Communities Minister, Deirdre Hargey, comments: “This decision is to support prospective homeowners as they seek to secure a home in partnership with Co-Ownership. My housing reform is wide ranging and includes increasing affordable housing options for those who wish to own their own home. This move will increase the availability of the shared ownership option.”
Co-Ownership has been supporting people into home ownership in Northern Ireland since 1978. The model, designed to help people who would not otherwise be able to own a home of their own, allows the homeowner to buy a share of a house, whilst Co-Ownership buys the rest. The homeowner pays the mortgage on their share and pays rent to Co-Ownership on its share. When able to, the homeowner can increase their share in the property until they own it all.
Mark Graham, Chief Executive at Co-Ownership, says: “Our aim is the help people become homeowners. We welcome the increase in the Property Value Limit by the Department for Communities as it provides access to more homes across Northern Ireland and broadens an applicant’s options. Our Co-Own and Rent-to-Own products have helped over 30,000 people own their own home in Northern Ireland and, with on-going support from Department for Communities, we remain committed to helping those who may not otherwise be able to afford a home of their own.”
Co-Ownership has an active share in 10,000 homes across Northern Ireland through its Co Own product.
The Rent to Own product allows prospective homeowners to choose a new build house anywhere in Northern Ireland up to the Property Value Limit. If the property is suitable, Co-Ownership will buy it and rent it to the prospective homeowners for up to three years, the homeowner can purchase it from Co-Ownership any time after the end of the first year.
Find out more about Co-Ownership, and its Co-Own and Rent to Own products by visiting co-ownership.org
