SHARED OWNERSHIP WEEK IS A WELCOME REMINDER FOR STRUGGLING FIRST-TIME BUYERS

Alternative route to homeownership helps 10 per cent of the local first-time buyer market each year

Co-Ownership has enhanced its offering to include a product specifically for over 55s

This Shared Ownership Week (October 5^th to October 12^th), Co-Ownership is reminding those who wish to own a home of their own to consider its Co-Own product. The organisation, which supports ten per cent of Northern Ireland’s first-time buyers every year, is hosting an event at its offices in Belfast from 4.30pm – 7:00pm, Wednesday 12^th October 2022 to help potential buyers understand the options available to them.

Co-Ownership recently welcomed a decision from the Department for Communities to increase its property value limit to £190,000. The average property price in Northern Ireland is now £169,063, a jump of 10 per cent in the last 12 months, so it is expected the increase will see Co-Ownership continue to help more people into home ownership.

From April 2021 to March 2022 the organisation helped 1,144 people across Northern Ireland, 93 per cent being first time buyers. The average purchase price of these customers was £134,454.

Mark Graham, Chief Executive at Co-Ownership said: “At Co-Ownership we are acutely aware that finding an affordable home is becoming increasingly challenging for potential homeowners. We expect that they will need our support over the coming months, and we want to reassure them that we are here to help.

“Crucially, our new property value limit remains ahead of the average house price in Northern Ireland so we’re confident we remain in a position to support new applicants. The challenges that potential homeowners continue to face underpins the need for an alternative route to home ownership, and we remain committed to helping those who otherwise could not own a home of their own.”

A survey by Co-Ownership revealed just how important owning a home is to people in Northern Ireland with 78 per cent of those who bought a home through shared ownership reporting improved health and wellbeing. 79 per cent reported improved financial security having become homeowners and almost 70 per cent of the co-owners reported that they feel they have become part of the community where they now live.

Mark continued: “Shared Ownership Week is an important reminder that home ownership would remain out of reach for so many if alternative routes ceased to exist. It is both rewarding and motivating to know we have made a difference to over 30,000 households since 1978, and that almost 20,000 of these households have gone to buy us out, proving the efficacy of the shared ownership model.”

Co-Ownership is available on properties up the value of £190,000 anywhere in Northern Ireland. Successful applicants buy the share of a home they can afford between 50 per cent and 90 percent through lenders offering Co-Ownership mortgages. Co-Ownership covers the cost of the remaining share and as they become able to, co-owners can increase their share bit-by-bit until they own all of their home.

Co-Ownership has recently launched a new product, Co-Own for Over 55s, supported by the Department for Communities. The product is for those aged over 55 who either have never owned a home of their own, or feel they need to move on from their existing property to one that meets their changing needs. Based on the existing shared ownership model, successful applicants will fund the share of a new property from the equity in the sale of their existing home, or through their savings, and Co-Ownership will fund the rest. As well as helping people as they get older, the product also helps other buyers by freeing up suitable properties. 

Mark continued: “There are many reasons why people over the age of 55 may want to move or own a home for the first time – to be nearer friends and family, lower their energy bills or have less maintenance. As we get older, we can find that our home is no longer suitable for our needs and Co-Own for Over 55s helps remove the risk of the home environment becoming a worry or cause of anxiety to someone. We believe that everyone deserves to live comfortably and securely in a home that is suitable for them.”

For more information, and to register to attend Co-Ownership’s Shared Ownership Week event on October 12^th visit www.co-ownership.org.