Tenants allowed to buy home share

Social housing tenants can now apply to buy a share in their home, Social Development Minister Margaret Ritchie has announced.

Previously, social housing tenants could only buy their home in a one-off 100% lump-sum payment.

However, eligible tenants, who must have had a five-year tenancy, can now purchase an initial stake of 25%.

These new owners will then be able to purchase up to 100% of any given property in increments of 5%.

A discount of up to £24,000 is to be applied in recognition of the financial contribution the tenant made during their tenancy.

"The House Sales Scheme has enabled well over 100,000 sitting tenants to achieve their aspiration of being home owners," said Margaret Ritchie.

"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.

"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%."