New Scheme To Help 100,000 Become Homeowners

Social housing tenants in Northern Ireland have been offered a revised scheme to enable them to purchase a stake in their home, which could help more than 100,000 people become first-time property owners.

At present social housing tenants can only buy their houses in one lump sum.

However, this has become increasingly difficult for potential buyers in the current economic climate.

Announcing the new scheme, Housing Minister Margaret Ritchie said benefits include allowing social tenants to buy their homes in stages.


Ms Ritchie said: "The House Sales Scheme has enabled well over 100,000 sitting tenants to achieve their aspiration of being home owners. However, when I entered office I realised that many people wanted to get onto the property ladder, but simply could not afford to do so. Now many more can."

The change, which was first proposed in the Minister's New Housing Agenda last February, consists of three main elements.

Firstly, eligible tenants will be able to purchase an initial stake of 25% instead of the current 100%, all-or-nothing approach.

Secondly, these new owners will be able to purchase up to full home ownership in increments of 5%.

Thirdly, tenants will be able to receive 70% of their available discount, when they purchase just half of their home.

Ms Ritchie added: "This change will help tenants who don’t have the means to enter into full home ownership, to enter into part ownership and eventually incrementally increase their share up to 100%."

(PR/JM)