Co-ownership limit raised to help first time buyers in the north of Ireland

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Co-Ownership, Northern Ireland’s regional shared ownership provider, has announced an increase in the property value limit for its co-own and ‘rent to own’ products to £175,000.

This will see a £10,000 increase in the limit, rising from £165,000.

The change has been approved by Department for Communities and will apply to applications submitted to Co-Ownership on or after next Wednesday, December 1, 2021.

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The limit increase was designed to help first-time buyers while combating rising property prices.

Communities Minister Deirdre Hargey.Communities Minister Deirdre Hargey.
Communities Minister Deirdre Hargey.

Deirdre Hargey, Communities Minister said: “This decision is to support prospect 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.”

Mark Graham, Chief Executive at Co-Ownership said: “Our aim is to help people become homeowners.

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“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 their own home.”