Northern Ireland’s regional shared ownership provider, Co-Ownership, has announced an increase in the Property Value Limit for its Co-Own, Co-Own for over 55s and Rent to Own products from £190,000 to £195,000. The change will apply to applications submitted to Co-Ownership on or after 25th March 2024.

The increase is designed to support people across Northern Ireland as they seek to become homeowners, whilst responding to rising property prices.  

Co-Ownership has been supporting people into home ownership in Northern Ireland since 1978. The model, designed to help people who would not otherwise be able to own a home of their own, allows the homeowner to buy a share of a house, whilst Co-Ownership buys the rest. The homeowner pays the mortgage on their share and pays rent to Co-Ownership on its share. When able to, the homeowner can increase their share in the property until they own it all. 

Co-Ownership is, as Mark Graham, Chief Executive explains, a lifeline for many buyers. He said:

“Shared ownership remains a crucial part of the affordable housing market in Northern Ireland, and we are pleased that with the Department of Communities support, our work will continue to make a hugely positive societal contribution.

“This increase to £195,000 will ensure our products keep pace with house prices, meaning more people can find a home to suit their needs, and we can continue to support as many people into home ownership as possible. As this announcement details, we remain committed to helping those who may not otherwise be able to afford a home of their own, and we’re confident that this change will have a positive impact on applicants to Co-Own, Co-Own for Over 55s and Rent to Own.”

The Rent to Own product allows prospective homeowners to choose a new build house anywhere in Northern Ireland up to the Property Value Limit. If the property is suitable, Co-Ownership will buy it and rent it to the prospective homeowners for up to three years, the homeowner can purchase it from Co-Ownership any time after the end of the first year.

Find out more about Co-Ownership, and its Co-Own and Rent to Own products by visiting co-ownership.org.