Hope for first-time buyers in NW

A pilot scheme to help first-time buyers could soon be extended to the north west, the minister for social development has said.

The pilot scheme was introduced in Portadown on Tuesday.

Half the property's cost will be met by the developer and local housing associations, and Barclays bank will offer mortgages for the remaining 50%.

"I want to address the housing problems that exist in Derry," Margaret Ritchie said.

"Later this week I'll be going to Derry to deal with lots of issues at a housing conference, and I hope Derry will be able to avail of it," she said.

The government project - the first of its kind in the UK - 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.

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.

"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 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.

Alternatively, they can resell their share on the open market.

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.

"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.

"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.