If you’re struggling to save up for a home of your own in Northern Ireland, don’t worry – you’re definitely not alone.
Despite the demand for home ownership in Northern Ireland, ownership figures are down in recent years.
As most of us have quickly realised, aspiring homeowners face various challenges when trying to get on the property ladder.
The news comes as potential buyers are not only challenged by high house prices but also by large deposit requirements and stricter lending criteria. It is also predicted that private rental rates will continue to rise – making it increasingly difficult for those in the private rented sector to make the move to owning their own property.
To battle this issue, Co-Ownership Housing is running a new campaign from September 16 – 21, dedicated to raising awareness of shared ownership as an affordable home ownership solution for those looking to get on the property ladder.
It will also publish a new website that will provide a wealth of information for those wanting to purchase a home, but for various reasons, are unable to do so on their own.
What Exactly Is Co-Ownership?
Co-Ownership is a shared ownership scheme that helps first time buyers and others to get on the property ladder.
So far, the scheme has helped over 26,000 households make the dream of owning their own home a reality. In the last 12 months there have been over 700 successful applications to the scheme.
Buyers choose their own property up to the value of £150,000, anywhere in Northern Ireland.
They buy a starter share in the value of their home between 50% to 90% and pay rent on the remaining share. Home buyers can then increase their share in the property at any time in part or in full to own their home outright, a process known as staircasing.
Co-Ownership Housing will host an information event for the public at its office in Murray Street on Wednesday, September 21 from 5pm until 7pm.
Potential buyers will have the opportunity to meet with shared ownership experts and discuss their eligibility for the scheme. Refreshments will be provided.