Lo says extend co-ownership to solve affordable housing crisis

2.53.00pm GMT Mon 12th Nov 2007

Alliance Social Development Spokesperson Anna Lo MLA

Alliance Social Development Spokesperson Anna Lo MLA has said that to help combat the affordable housing crisis, co-ownership must be extended to take into account recent house price increases. Her comments relate to today's Assembly debate on the issue.

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."

ENDS