267 affordable home seekers in Derry being helped by shared ownership group Co-Ownership

The organisation, the North’s regional shared ownership provider, is the Department for the Economy’s main delivery partner for affordable shared ownership and provides people with the opportunity to own their own home through its Co-Own and Rent to Own products.

It said it supported 886 people right across the North to own a home of their own in 2024/25.

As a result of its ability to support more people into home ownership, Housing Minister Gordon Lyons has announced an increase in the property value limit (PVL) for shared ownership properties from £195,000 to £210,000, providing customers in Derry City and the wider Derry area with access to a wider range of homes.

The Minister has also announced £153m of Financial Transactions Capital funding is to be provided to Co-Ownership over the next four years.

This will help 4,000 more buy their own home, 1,200 of which will be new build.

Minister Lyons said: “As I outlined in the Housing Supply Strategy, I am committed to helping more people and families get their foot on the property ladder. Co-Ownership is a key part of this, with over 10,500 homes in NI currently supported by the organisation.

“This £153m will ensure that Co-Ownership can continue to provide an affordable route into home ownership for those who would otherwise be unable to purchase their own home and will enable 4,000 to realise this dream over the next four years.

“The property value limit increase will ensure NI’s shared ownership product keeps pace with house prices, meaning more people can find a home to suit their needs. "

Mark Graham, Chief Executive of Co-Ownership said: “The approved Programme for Government acknowledges that good housing is essential to our health and wellbeing.

"It positions shared ownership as a solution to help people access affordable, sustainable, and quality housing that meets their needs. As our 2023/24 performance in Derry City and right across NI demonstrates, Co-Ownership continues to provide a solution for many.

“This increased PVL and four-year funding commitment further strengthens the government’s commitment to Co-Ownership. Ensuring our model responds to rising property prices is crucial to the success of shared ownership in NI.

"The supply of homes remains an issue. This needs to be a priority if we are to build vibrant and sustainable communities that serve people in the long-term.

“Since 1978, we have supported 34,000 people on their homeownership journey. A lot of the people we help come from the rental market so it’s incredibly fulfilling to be able to help them leave ‘the rental trap’ for long-term security.”

Applicants to Co-Ownership choose any home that is for sale up to the value of £210,000 anywhere in the North. They secure a mortgage for a portion of the home between 50 and 90 per cent. Co-Ownership covers the remaining share with the customer paying them a small monthly rent.

Danske Bank, Progressive Building Society and AIB are three Co-Ownership lenders offering a no-deposit option to co-owners, removing one of the main barriers facing first time buyers.

Co-Ownership will host an information evening at the Ebrington Hotel on May 14 from 6.30pm to 8.30pm.

For more information about Co-Ownership, visit www.co-ownership.org.