‘Co-ownership could help young people onto the property ladder’

AN Omagh councillor has proposed a council meeting with a housing association to promote a ‘co-ownership style of buying property’ in the hopes that it will help first-time buyers afford their own homes.

Co-ownership allows a person – or couple – to buy a percentage share in a property of their choice with the Co-Ownership Housing Association.

This can be any percentage from as little as ten per-cent, and as much as 90.

The person, or couple, then pays the mortgage on the percentage they own, whilst paying ‘Co-Ownership’ rent on the percentage that the housing group owns.

The model allows people to increase the percentage they own bit-by-bit, until they own 100 per-cent of the property.

This can be a cheaper alternative for people who do not have a large amount of money for a deposit to get on the property ladder.

Since Co-Ownership was founded in 1978, the housing association has helped over 32,000 people buy their first home.

However, it has been revealed that only 16 people across the Fermanagh and Omagh district used the model this year; prompting Cllr Barry McElduff to propose a motion at Council to meet with Co-Ownership to promote the model locally.

“I took part in a Northern Ireland Local Government Association (NILGA) meeting with the Co-Ownership Housing Association in August, and I couldn’t believe how low the number of people using the model was locally,” he said.

“And I thought that the reason must be due to a lack of awareness from buyers in the local area about the model.

“That is why I have proposed to council that we have a meeting with Co-Ownership about the best way to promote this style of buying.

“This could be an excellent way for first-time buyers to get a foot hold into owning their own homes.

“It is incredibly hard at this moment in time for younger people, in particular, to get onto the property ladder, and as a council, we must ensure that people can learn about the many ways that they can do this.”