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Co-ownership property value limit raised in Northern Ireland
Northern Ireland’s co-ownership property value limit (PVL) will be increased from mid-April, in a move aimed at widening access to homeownership and reflecting market realities.
Co-ownership property value limit raised in Northern Ireland #UKhousingNorthern Ireland communities minister Gordon Lyons has announced the PVL ceiling will rise from £210,000 to £215,000 from 14 April, in a bid to enable more people to get on the property ladder.
Mr Lyons said the move is intended to provide improved access to appropriate properties for people and families across Northern Ireland and confirmed that officials will review how the limit is calculated.
The co-ownership scheme is equivalent to the shared ownership model in the rest of the UK. The change comes as private rents and property values continue to soar in Northern Ireland, in effect blocking some potential beneficiaries of the scheme from using it for suitable properties.
By the end of 2025, average house prices in the country had reached £195,936, up 7.5% on the previous year and fast approaching the previous limit, potentially locking standard family homes out of the scheme.
This reflects continued increases in construction costs, as labour, materials and energy prices have continued to climb, significantly affecting a scheme that relies heavily on new builds.
At the same time, analysis by PropertyPal found the average rent for a house in Northern Ireland surpassed the £1,000 threshold for the first time last year, rising by 5.6%.
In Belfast, average rents hit £1,127. This is significant as 47% of participants in the scheme are drawn from the private rented sector.
Mr Lyons said: “It is important that the property value limit reflects the realities of a fast-moving housing market and that is why I have asked my officials to review the current approach to calculating the property value limit.
“This review will ensure that the scheme continues to provide appropriate support for those entering the scheme, particularly as property values rise and private rents continue to increase.
“This is about taking stock, looking to the future, enhancing what has gone before and ensuring that co-ownership continues to support as many people as possible into homeownership.”
The increase follows a £153m Financial Transactions Capital allocation announced in March last year, in an attempt to deliver 4,000 shared ownership homes by 2029.
This formed part of a wider £696m package, including government funding, private finance and mortgage lender support.
The government estimates that every £1 of public funding leverages £4 of private and mortgage finance, meaning last year’s contribution is expected to unlock around £540m in private investment.
Mark Graham, chief executive of Co-Ownership, also welcomed the move.
He said: “[This] announcement represents an encouraging step forward, helping more people across Northern Ireland access an affordable home through co-ownership.
“We look forward to working closely with officials as they review how the property value limit is calculated. Ensuring the limit accurately reflects real market conditions is essential to support our customers to find high-quality, affordable homes that meet their needs.”
He added that the scheme has supported more than 34,000 people on their journey to homeownership since 1978.
First-time buyers account for 91% of those using the scheme, suggesting the change is likely to be particularly significant for younger households and would-be buyers trying to get on the ladder.
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