Anna Lo MLA said “According to the Semple Report, property values have increased by 165% in the last five years. These increases have been devastating for first-time buyers and people on lower incomes.
“It’s time that the co-ownership scheme was extended to ensure that it reflects today’s house prices. Co-ownership has to change to become a more accessible for more people because it’s currently extremely tough for first time buyers.
“The current co-ownership house value limits of £180,000 and £225,000, depending on the area in question, are simply not adequate. While I acknowledge that the value limits are looked at twice a year, there needs to be a serious increase as soon as possible.
“Creating more affordable housing is one of the biggest tests facing this Executive. They have so far failed in this test and the public are beginning to see that the Executive has done little to improve the lives of local people.”