First-time home buyers in Northern Ireland will be able to purchase a 25 per cent stake in their homes through co-ownership schemes announced at Stormont today.
Northern Ireland Social Development Minister Margaret Ritchie announced plans to abolish the capital value limits applying to existing co-ownership schemes, making it easier for applicants to join and purchase a stake in their homes.
Under the current schemes, applicants would have had to purchase a 50 per cent stake, but spiralling house prices in Northern Ireland in recent years have put co-ownership beyond some people's reach.
The co-ownership plan was one of a series of initiatives announced by the SDLP minister in a housing strategy to drive down waiting lists for social housing, homelessness and help more people own their homes.
Ms Ritchie also announced Northern Ireland's first government-funded eco-village. The former military base Grosvenor Barracks in Enniskillen, has been chosen to accommodate 350 new mixed tenure homes at a cost of £40 million.
Ms Ritchie also announced that from April 1st a new environmental code would be applied to all new social houses to make them more energy efficient.
Since assuming office last May, Ms Ritchie said new social and affordable homes and the tackling of homelessness is her main priority.
In Northern Ireland there are currently over 38,000 people on the waiting list for public housing. Over 20,000 of them are assessed as being in housing stress and over 9,000 are officially homeless.
Key points of Ms Ritchie's plan
- At least 5,250 new homes over the next three years
- A requirement for either a fifth of the properties of new developments for social and affordable homes, offer another site for those homes or pay the equivalent cost
- An empty homes strategy would bringing vacant homes back into use
- Extension of house sales schemes to November 2009 to allow those in public housing schemes to own their own homes.
- Proposals for a not-for-profit mortgage rescue scheme to help homeowners facing possible repossession
- A new procurement strategy to be published in April encouraging housing associations to form alliances to increase their bargaining power
- Encouraging more mixed religion estates
- stg£7 million for regeneration of the loyalist Village area of Belfast