Speaking to the BBC, Alan Crowe, of the NI Co-Ownership Housing Association, admitted that demand for the scheme far outstripped the £15 million funding.
Despite the government pledging that over £200 million would be made available for social housing improvements over the next three years, Crowe said that the funding for 2008-2009 was ‘simply not enough to meet any further applications for co-ownership,’ which had led to the withdrawal.
Prior to the announcement, it was hoped that the scheme would grow, with Social Development Minister, Margaret Ritchie, suggesting plans to extend the co-ownership scheme in February.
However, the move represents the final product withdrawal for co-ownership schemes in NI and further restricts the options available to aspiring FTBs.
Paul Rogan, IFA at Positive Solutions Financial Services, admitted that the withdrawal was a massive blow for the NI market.
He said: “Co-ownership in NI is massive but now they’ve pulled the plug. FTBs have no chance in NI without a minimum deposit of 10 per cent. We have just been sent a lot of promotional material for the scheme which I have seen all over estate agents, but now they’ve pulled the plug on it. It’s just crazy.”
