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New scheme to assist home buyers New scheme to assist home buyers
(about 4 hours later)
First-time buyers in Northern Ireland are to be offered a new way of getting a foot on the property ladder.First-time buyers in Northern Ireland are to be offered a new way of getting a foot on the property ladder.
It is the first area in the UK to introduce an initiative, which will see developers and housing associations shouldering 50% of the property's cost.It is the first area in the UK to introduce an initiative, which will see developers and housing associations shouldering 50% of the property's cost.
Barclays' bank is to offer would-be buyers mortgages for the remaining half of the price without a deposit.Barclays' bank is to offer would-be buyers mortgages for the remaining half of the price without a deposit.
The government project is being piloted in the Maghon Park area of Portadown, County Armagh.The government project is being piloted in the Maghon Park area of Portadown, County Armagh.
A total of 127 homes - 24 detached houses and 103 semi-detached - are up for sale with prices starting at £145,000.A total of 127 homes - 24 detached houses and 103 semi-detached - are up for sale with prices starting at £145,000.
Under the 'Own a Home' scheme, buyers will be able to purchase 50% of the value of the house through a 100% mortgage from Barclays.Under the 'Own a Home' scheme, buyers will be able to purchase 50% of the value of the house through a 100% mortgage from Barclays.
Portadown-based developers Turkingtons will pay 25% of the cost, with the remaining 25% provided by either of two local housing associations - Clanmil Housing and the South Ulster Housing Association.Portadown-based developers Turkingtons will pay 25% of the cost, with the remaining 25% provided by either of two local housing associations - Clanmil Housing and the South Ulster Housing Association.
I want to see many more of these housing partnerships emerge in Northern Ireland so that more and more people can get on the property ladder Margaret RitchieI want to see many more of these housing partnerships emerge in Northern Ireland so that more and more people can get on the property ladder Margaret Ritchie
The homeowner has the option of buying a greater share in the property from the developer and associations if and when they are ready.The homeowner has the option of buying a greater share in the property from the developer and associations if and when they are ready.
Alternatively, they can resell their share on the open market.Alternatively, they can resell their share on the open market.
The scheme will be launched on Tuesday by Stormont Housing minister Margaret Ritchie.The scheme will be launched on Tuesday by Stormont Housing minister Margaret Ritchie.
"I very much welcome this innovative scheme, which sees a housing partnership between Government, developers, housing associations and a lending institution," she said."I very much welcome this innovative scheme, which sees a housing partnership between Government, developers, housing associations and a lending institution," she said.
"It is good news for first-time buyers in Portadown, giving them a real opportunity to get on the housing ladder at this very difficult time."It is good news for first-time buyers in Portadown, giving them a real opportunity to get on the housing ladder at this very difficult time.
"As part of the new housing agenda, I want to increase the supply of affordable housing. This scheme, a first in GB and Ireland, does that, but it is just a start."As part of the new housing agenda, I want to increase the supply of affordable housing. This scheme, a first in GB and Ireland, does that, but it is just a start.
"I want to see many more of these housing partnerships emerge in Northern Ireland so that more and more people can get on the property ladder.""I want to see many more of these housing partnerships emerge in Northern Ireland so that more and more people can get on the property ladder."
The South Down assembly member said her officials were working to develop partnership schemes in other areas.The South Down assembly member said her officials were working to develop partnership schemes in other areas.
The commitment from Turkingtons represents the latest bid by a private developer to inject life into NI's ailing property market.The commitment from Turkingtons represents the latest bid by a private developer to inject life into NI's ailing property market.
Last week, Fraser Homes slashed £90,000 off homes in Glengormley in the greater Belfast area. The recently formed Construction and Property Group, which is made of local property developers, contractors and builders, said that while they welcomed the move, one-off pilot schemes would not solve the crisis in the property market.
"We have called for direct discussions with the banks about making initiatives such as this more generally available," spokesman Brendan Cunnane said.
Last week, Fraser Homes cut £90,000 off homes in Glengormley in the greater Belfast area.
This led to a scramble for the 53 properties which all sold within hours of the advertisement being released.This led to a scramble for the 53 properties which all sold within hours of the advertisement being released.