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Minister welcomes banks boost for home ownership

Social Development Minister Nelson McCausland has welcomed news that Co-Ownership Housing has secured 50million private finance investment over the next three years.
Thursday, 1 November 2012

Barclay’s Bank and Bank of Ireland have both announced a commitment to provide £25million each to help people take the first step on to the property ladder.

The Minister said: “The provision of good quality, affordable housing is a key priority of the Executive. Through the Co-Ownership scheme, government and the private sector are working together to facilitate a better future for those who want a stepped approach into home ownership.

“Last year, along with my colleague Finance Minister Sammy Wilson, I was able to announce £100million funding for Co-Ownership until 2014/15. Together with this private investment announced today, some 2,500 homes will be able to be purchased, mainly by first time buyers, over the next four year period.

“I would encourage those who can, to consider availing of this new funding package.”

Notes to editors:

  1. As a result of last year’s Monitoring Round an additional £40million was made available to Co-Ownership Housing. Coupled with existing funding, the Department for Social Development’s investment in Co-Ownership Housing until 2014/15 totals £100million.
  2. Co-Ownership Housing is a registered housing association and Northern Ireland’s regional body for shared ownership, operating since 1978.
  3. The Co-Ownership scheme is a low cost route into home ownership aimed at people who could not otherwise afford to buy a home. Purchasers buy a share in their property of their choice (from 50% up to 90% initially). Every case is assessed individually and all properties are subject to valuation before purchase.
  4. Co-Ownership offers a free, confidential information service. You can contact Co-Ownership Housing Direct on freephone 0800 333644 or http://www.co-ownership.org.
  5. Media enquiries to DSD Communications Team on 028 9082 9494 or e-mail press.office@dsdni.gov.uk. Out of office hours please contact the Duty Press Officer via pager number 07699 715440 and your call will be returned.