£153m Funding Boost For Co-Ownership To Help 4,000 Households

Housing Minister Gordon Lyons has announced a £153 million investment in Financial Transactions Capital funding for Co-Ownership, aimed at assisting 4,000 households to purchase their own homes over the next four years, with 1,200 of those being new builds.

In addition, the Minister has increased the Co-Ownership property value limit from £195,000 to £210,000, effective from April 1, 2025.

This funding injection is part of the Minister's strategy to tackle housing challenges, including increasing supply across all tenures. Minister Lyons stated: "As I outlined in the Housing Supply Strategy, I am committed to helping more people and families get their foot on the property ladder. Co-Ownership is a key part of this, with over 10,500 homes in Northern Ireland currently supported by the scheme."

He added: "I am delighted that this £153m programme will ensure that Co-Ownership can continue to provide an affordable route into home ownership for those who would otherwise be unable to purchase their own home, enabling 4,000 households to realise this dream over the next four years. We need to find new and innovative ways to deliver the additional homes we need. This funding will leverage £543m of investment from private and mortgage finance." The increase in the property value limit will allow prospective Co-Ownership customers access to a wider range of properties. "The property value limit will increase to £210,000 from 1 April and this will ensure Co-Ownership products keep pace with house prices, meaning more people can find a home to suit their needs," the Minister said. "The announcement should also provide further confidence to the construction sector as it continues to develop new housing, providing a much-needed increase to overall supply." 

Mark Graham, Chief Executive of Co-Ownership, welcomed the announcement: "Today's announcement further strengthens the Department's commitment to Co-Ownership, with our organisation set to deliver at least 847 homes for people this year, and up to 4,000 over the coming four years.

"Ensuring our model responds to rising property prices is crucial to the success of shared ownership in Northern Ireland, however, the supply of homes remains an issue. This needs to be a priority if we are to build vibrant and sustainable communities that serve people in the long-term. We look forward to continuing our partnership with the Department, and collaborating with wider sectoral stakeholders, to help as many people as we can in Northern Ireland to own their own home."