Protecting Homeowners Following The Vesting Of Land

South Belfast Sinn Féin MLA Alex Maskey has submitted a private member’s motion to the Assembly calling on the Social Development Minister and the Minister for Finance and Personnel to bring forward proposals to ensure that homeowners living in areas that are due to be re-developed by the Department of Social Development will be protected from negative equity and increased debt following the vesting of land.

The motion will be discussed in the assembly on 18th October.


Alex Maskey MLA said: “The issue of vesting property is particularly relevant to South Belfast at the moment as the Village area is currently in the middle of a vesting scheme.

“I have been contacted by a number of people from the Village area who are extremely unhappy that the vesting scheme will leave them in negative equity. Many of the people affected are those who have struggled to afford to buy there own homes and now find themselves in the terrible position that their house has been vested at a fraction of the original price.

“It should also be kept in mind that the Village area is ranked as one of the most socially and economically deprived areas in the Belfast and the North and the fact that many people will be left in negative equity as a result of the vesting process will not help this situation.

“I would call upon all Parties to support this motion when it is debated in the assembly on October 18th.”

(GK/KMcA)