§ Mr. BeggsTo ask the Secretary of State for Northern Ireland if he will make a statement on the availability of properties for first-time buyers in Northern Ireland. [168190]
§ Mr. SpellarWhile there are no specific properties made available for first time buyers, price being the main factor in determining whether or not a specific property is appropriate for a first time buyer, the vast majority of new houses constructed in Northern Ireland are affordable to first time buyers.
The Housing Executive's house sales scheme and my Department's Co-ownership scheme also make a vital contribution in providing a stock of suitable properties for first time buyers.
The Housing Executive's house sales scheme has enabled over 105,000 tenants to become home owners while the Co-ownership scheme has, since its inception in 1978, helped over 17,500 participants to become homeowners on an equity sharing basis, with over 13,000 of these eventually moving to full home ownership.
According to lending sources 13,000 mortgages were advanced to first time buyers in 2003, and DSD and NIHE statistics indicate that almost half of these applied to NIHE house sales and Co-ownership transactions.
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