The Ulster Unionist Party’s Communities Spokesperson, Andy Allen MLA, has urged the Secretary of State to take action to prevent the Co-Ownership housing scheme being closed to new entrants. The scheme is under threat as a result of the decision taken by the Office for National Statistics (ONS) to no longer classify Northern Ireland Housing Associations as private organisations, and unless this is reversed, this will have major funding implications.

Andy Allen MLA said:

“I have written to the Secretary of State for Northern Ireland asking her - in the absence of a devolved legislature and Executive - to intervene and bring forward the necessary legislation, or alternatively make representations to HM Treasury to enable the Co-Ownership Housing scheme to continue.

“Co-Ownership Housing have been informed by HM Treasury that they will no longer have access to Financial Transactions Capital (FTC) funding until the necessary legislation is passed, to allow the Office for National Statistics (ONS) to reclassify Northern Ireland Housing Associations as private organisations.

“I understand that in the absence of legislation or alternative funding, Co-Ownership Housing will have no alternative but to close their co-ownership and Rent to Own schemes to new applicants from early 2019. This unacceptable situation will have a negative impact upon:

People: First-time buyers who are trying to get onto the property ladder and cannot do so without the assistance of Co-Ownership;

Public Policy Commitments: The affordable housing targets in the draft Programme for Government will be missed for 2019/20 and beyond;

The Housing Market: 8% of the first-time buyer transactions will be lost with implications for a range of professions;

The Construction Sector: We will no longer be able to support the sector to deliver new homes across Northern Ireland, and;

Investment: £100 million per annum will be removed from the economy.

“This is yet another important decision – amongst numerous ones languishing on the desks of Stormont Permanent Secretaries - which needs to be taken urgently, but instead is delayed by the absence of a functioning Assembly and Executive, and is a further reminder of the cost of the political paralysis which has resulted from the inability of Sinn Fein and the DUP to reach any type of agreement that will benefit the people of Northern Ireland.”