Co-Ownership is helping first-time buyers become homeowners at a new development in Carryduff. Led by Fraser Partners, Mealough comprises 100 contemporary and eco-friendly semi-detached and detached new build homes. Nine of the homes will be built specifically for Co-Ownership customers at £230,000 and are due to become available for sale on 16 November 2026.
Co-Ownership
Successful applicants will be able to purchase a share of the property between 50 and 90 per cent with a mortgage. Co-Ownership buys the rest, with the customer paying a below market rent on that share. Danske Bank, the Progressive Building Society and AIB currently offer no deposit mortgages to eligible Co-Ownership customers, removing the barrier of the deposit for people currently struggling to save. If the buyer wants to, they can increase the share they own over time.
The monthly repayment on a Co-Ownership home at Mealough is likely to be around £1,005, this is based on a 50% share, zero deposit and a repayment mortgage over 30 years at 7% and includes the Co-Ownership rent.
Fraser Partners commented, “We are pleased to bring nine more affordable homes to the market in partnership with Co-Ownership. Each of these contemporary new homes will seamlessly blend with the rest of the development, externally finished with stone coloured brick, anthracite window frames, and white mortar. Each unit also includes inset solar panels, installed flush with the roof tiles, as standard. Internally, the homes are finished with high spec flooring throughout, coupled with quality kitchen and bathrooms from Fraser Partners longstanding supply chain partners.”
The Department for Communities’ recent decision to introduce an additional Property Value Limit of £230,000 for new-build homes, alongside the existing £215,000 limit for existing properties, represents a significant step forward, enabling developers to provide more affordable new-build homes in partnership with Co-Ownership.
Communities Minister Gordon Lyons said, “Co-Ownership continues to play a vital role in supporting aspiring homeowners across Northern Ireland, providing hard pressed people and families with a realistic pathway into home ownership.
“It is encouraging to see that my recent decision to raise the Property Value Limit for new-build homes purchased through Co-Ownership to £230,000 is already having a positive and tangible impact.
“These nine affordable homes at the Mealough development demonstrate how investment and partnership working can help meet housing need while creating opportunities for more people to get onto the property ladder. I remain committed to ensuring support is available where it is needed so that as many people as possible can realise their ambition of owning their own home.”
Glynis Hobson, Director of Customer Services at Co-Ownership, said, “Buying your first home is an exciting milestone, and we are delighted that these homes are available for Co-Ownership customers. Developments like Mealough play an important role in making home ownership affordable, and more accessible, for people who might otherwise think it is out of reach.”
The planning system in Northern Ireland is undergoing significant change. Residential developments over a certain number of units must now include affordable housing. These mixed tenure developments are typically a blend of private sale, social housing, and Co-Ownership homes. Over the last year, Co-Ownership customers have accessed over 100 homes through this initiative.
To find out more about these properties contact Simon Brien Estate Agents (Lisburn Road Office).
