Co-Ownership Housing has launched Northern Ireland’s first ever Shared Ownership Week, a new campaign that will run from 15th-21st of September, dedicated to raising awareness of shared ownership as an affordable home ownership solution for those looking to get on the property ladder.
A new website will also be published at www.sharedownershipni.co.uk 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.
Co-Ownership is a shared ownership scheme that helps first time buyers and others to get on the property ladder. 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.
“We are delighted to launch Northern Ireland’s first ever Shared Ownership Week,” said Gillian Hughes, company secretary, Co-Ownership Housing. “Our week long campaign is dedicated to raising awareness of shared ownership and promoting Co-Ownership as an affordable home ownership solution for those looking to get on the property ladder.
“Our aim is also to educate on shared ownership and to help people understand that Co-Ownership is accessible for a wide range of buyers, right across Northern Ireland. We hope that with our effort to educate and raise awareness of shared ownership, we will be able to continue to make a real difference in people’s lives and help to make people’s dreams of buying their own home a reality.”
Co-Ownership Housing will host an information event for the public at its office in Murray Street on Wednesday, September 21st 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.
Aspiring homeowners face various challenges when trying to get on the property ladder. The demand for home ownership in Northern Ireland is high but the reality is that home ownership figures are down in recent years.
Prospective buyers are not only challenged by high house prices but also by large deposit requirements and stricter lending criteria. It is 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.
Co-Ownership Housing 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. For more information on Shared Ownership Week NI, please visit www.sharedownershipni.co.uk from September 15th or join in the conversation on social media @TakeOwnershipNI.