Northern Ireland’s co-ownership housing scheme is to receive further funding, with the Stormont Executive and the building sector joining forces to boost this initiative.
Hopes are high that both the construction sector and the housing market will benefit from the additional £10m allocated to affordable homes schemes this year and each financial year up to 2014-15. With many finding difficulty in getting onto the property ladder, the Executive are keen to give assistance and stimulate activity in the local housing market.
Local banks offering encouragement and support for the initiative include Ulster Bank, Bank of Ireland, Northern Bank, Lloyds/Halifax, First Trust, Progressive, Nationwide, Santander and Barclays. In addition to the £3.25m First Buy pilot scheme, it’s hoped that 2,400 families will be enabled to own their own homes over the budget period.
The current initiative aims to create further jobs, enhance economic activity and revitalise the flagging construction sector, which has suffered considerably during the recession.