Attwood welcomes 21,000 keys in the door for Co-Ownership housing

Social Development Minister Alex Attwood today welcomed a landmark 21,000 home, that has been purchased through the Co-Ownership housing scheme.

The 21,000 Co-Ownership home is in Antrim, and belongs to young family Claire Scott and Richard Young, with daughter Katie.

Welcoming them to their new home, Social Development Minister Alex Attwood said: “Co-ownership provides a key service for those who cannot buy their homes outright. The Young family are a prime example of that. Through the Co-Ownership scheme, government and the private sector are successfully providing affordable housing to many more people who want a base from which to build their future.

“It is crucial that there is a 22,000 owner and 23,000 owner and so on and so forth. I feel there is a serious – potentially catastrophic – scenario if housing is not funded properly. I will be doing everything in my power to convince my Executive colleagues of that when it comes to the capital budget for 2011-15.

“But at the same time, we must look at our own costs, overheads, salary levels and remuneration packages, every penny and pound we spend in DSD, in the NIHE housing associations and across the hundreds of organisations in receipt of monies.”

Claire and Ricky said: “We didn’t think we could own a home, especially at the moment when it is so difficult to get a mortgage but everything went through quickly and very smoothly. We got the first house we had our eye on and the garden’s a great size for Katie to play in.”

Alan Crowe, Chief Executive of Co-Ownership Housing said: “Ricky and Claire applied to Co-Ownership at the beginning of March. Everything was sorted inside 3 weeks and they then fixed their moving date for the end of May.”

“The 21,000 Co-Ownership home is a major achievement for all concerned and proves that, no matter what is happening in the housing market, Co-Ownership can help people into the property of their choice.”

Co-Ownership offers a free, confidential information service. Contact Co-Ownership Housing direct on freephone 0800 333644 or http://www.co-ownership.org.

Notes to editors:

1. The Co-Ownership scheme is the Department for Social Development’s flagship low cost home ownership scheme in Northern Ireland. It is operated by Co-Ownership Housing.
2. Co-Ownership Housing is a registered housing association and Northern Ireland’s regional body for shared ownership, operating since 1978.
3. The Department for Social Development is enabling Co-Ownership Housing to provide some 1,500 homes over a three year period through a unique public/private sector financial model put in place last year.
4. 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 the property of their choice (from 50% up to 90% initially). Every case is assessed individually, and all properties are subject to valuation before purchase.
5. Co-Ownership purchasers represented 10% of first time buyer mortgages in Northern Ireland last year (2009).
6. In 2009 Co-Ownership Housing invested £26million to support its purchasers in acquiring the homes of their choice on a shared equity basis. The total purchase price of these chosen homes was £60million.
7. Media enquiries and photograph requests to DSD Information Office on 028 9082 9496 or Fearghal O’Reilly on 07920 832 279. Out of office hours please contact the Duty Press Officer via pager number 07699715440 and your call will be returned.