Department for Communities takes significant step to help more into affordable home ownership

Coming into effect on 15 September 2026, this PVL, specifically for new build properties, recognises that new build homes in Northern Ireland are often more expensive than existing properties of the same type. It will be available to customers in addition to the limit of £215,000 already in place for existing properties. Co-Ownership applicants will have their affordability assessed and determined at the application stage.  

Co-Ownership is Northern Ireland’s only provider of shared ownership, and is the Department’s delivery partner for 4,000 affordable homes by 2029. In 2024/25, the organisation supported 961 households into home ownership, representing a £161 million boost to the local property market. 

Mark Graham, Chief Executive of Co-Ownership, said, “We welcome the decision by the Department to establish this new Property Value Limit of £230,000 for new build homes.  As property prices continue to rise, this will give our customers access to more homes across Northern Ireland, helping them to achieve home ownership. 

“We support approximately nine per cent of all first-time buyer transactions in Northern Ireland each year. Importantly, 90 per cent of our co-owners go on to buy out our share of their home, proving the model’s effectiveness as a vehicle for affordable home ownership in Northern Ireland. 

“By increasing choice for people, we will continue to contribute to the delivery of the region’s housing objectives. Since 1978, we have proudly supported more than 35,000 people on their journey and almost 50 years on we remain committed to working with the Department to build on this progress.”

The new Property Value Limit comes as Local Development Plans (LDPs) continue to be progressed by the eleven Councils. Introduced in Northern Ireland in 2015 as part of a major overhaul of the planning system, LDPs shift planning control from central government to councils to ensure decision-making is more democratic, and efficient. As a result of these plans, all new residential developments above a certain size will have to include affordable housing, including Co-Ownership.

Mark explained that Local Development Plans are unlocking opportunity.

He said, “Local Development Plans have become a key component in providing our customers access to new build homes. Within the plans, residential developments over a certain size must include affordable housing. These mixed tenure developments are typically a blend of private sale, social housing, and Co-Ownership homes. Over the last year, this additional supply of homes has offered over 100 eligible Co-Ownership customers the opportunity to buy a new build home – a trend we expect to gain momentum as more Plans are adopted.”

Under the new Property Value Limit, applicants can choose a new build property anywhere in Northern Ireland up to the value of £230,000, if their affordability allows it. The buyer purchases a share of the property between 50 and 90 per cent with a mortgage lender and Co-Ownership retains the remaining share. The buyer pays a reduced rent on the portion owned by Co-Ownership. This part ownership, part rental, lowers both the deposit requirement and the combined monthly costs making home ownership possible for people otherwise unable to buy. The Property Value Limit for existing homes is currently set at £215,000.