Co-Ownership expands support for Northern Ireland home buyers amid rising property prices

Data has revealed that Co-Ownership is currently assisting 242 individuals, couples, and families across the Ballymena area.

As the regional shared ownership provider, the organisation has become a vital lifeline for those eager to secure a home amid a market marked by ever-rising property prices.

By offering an alternative and affordable route to home ownership, Co-Ownership supported 886 people across Northern Ireland in 2024/25, demonstrating its significant impact on the property market and the lives of countless first-time buyers.

The organisation’s success has come at a pivotal time as government and industry leaders work to ensure that house building and home ownership remain accessible to a broader spectrum of the public.

In a recent announcement, Housing Minister Gordon Lyons revealed that the property value limit (PVL) for shared ownership properties has been increased from £195,000 to £210,000. This measure is designed to open up access to an even wider range of homes for customers in the Ballymena area and beyond.

Minister Lyons elaborated on the initiative, stating:

“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 organisation.

“This £153m 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 and will enable 4,000 to realise this dream over the next four years.

“The property value limit increase will ensure Northern Ireland’s shared ownership product keeps pace with house prices, meaning more people can find a home to suit their needs. It should also provide further confidence to the construction sector as it continues to develop new housing, providing a much-needed increase to overall supply.”

The £153m Financial Transactions Capital funding allocation over the next four years will help an additional 4,000 individuals secure their own home – including 1,200 new build properties.

This financial injection is part of a broader commitment to revitalise the housing market and promote sustainable community growth throughout the region.

Mark Graham, Chief Executive of Co-Ownership, also emphasised the critical role that shared ownership plays in the current housing landscape. He remarked:

“The approved Programme for Government acknowledges that good housing is essential to our health and wellbeing. It positions shared ownership as a solution to help people access affordable, sustainable, and quality housing that meets their needs. As our 2023/24 performance in Ballymena and right across Northern Ireland demonstrates, Co-Ownership continues to provide a solution for many.

“This increased PVL and four-year funding commitment further strengthens the government’s commitment to Co-Ownership.

“Ensuring our model responds to rising property prices is crucial to the success of shared ownership in Northern Ireland. 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. Since 1978, we have supported 34,000 people on their homeownership journey. A lot of the people we help come from the rental market so it’s incredibly fulfilling to be able to help them leave “the rental trap” for long-term security.”

Under the current scheme, applicants to Co-Ownership can choose any home for sale in Northern Ireland valued up to £210,000. Prospective owners secure a mortgage for between 50 and 90 per cent of the property’s value, while Co-Ownership covers the remaining share, with the customer paying a modest monthly rent.

In addition, lenders such as Danske Bank, Progressive Building Society, and AIB are offering a no-deposit option, effectively removing one of the main barriers faced by first-time buyers.

This comprehensive plan not only addresses the immediate challenges of affordability but also sends a robust signal to the construction sector, highlighting the government's dedication to bolstering housing supply during these challenging economic times.

By adapting to the evolving property market, Co-Ownership and its government partners are paving the way for a future where affordable, sustainable homes are within reach for more people across Northern Ireland.

For further information on Co-Ownership and its services, visit http://www.co-ownership.org.