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11/10/2010
Vested Village 'Negative Equity' Highlighted
Houses in a loyalist area of south Belfast that are being taken over by the Government due to redevelopment are leaving owners with a major financial headache.
That's according to South Belfast Sinn Féin MLA Alex Maskey who has submitted a private member's motion to the Assembly calling on the Social Development Minister and the Minister for Finance and Personnel to bring forward proposals to ensure that homeowners living in the predominantly loyalist area will be protected from negative equity and increased debt following the vesting of land.
Noting that the motion will be discussed in the Assembly on 18th October he said: "The issue of vesting property is particularly relevant to South Belfast at the moment as the Village area is currently in the middle of a vesting scheme.
"I have been contacted by a number of people from the Village area who are extremely unhappy that the vesting scheme will leave them in negative equity.
"Many of the people affected are those who have struggled to afford to buy there own homes and now find themselves in the terrible position that their house has been vested at a fraction of the original price.
"It should also be kept in mind that the Village area is ranked as one of the most socially and economically deprived areas in the Belfast and the fact that many people will be left in negative equity as a result of the vesting process will not help this situation.
"I would call upon all parties to support this motion when it is debated on October 18th," her concluded,
(GK/KMcA)
That's according to South Belfast Sinn Féin MLA Alex Maskey who has submitted a private member's motion to the Assembly calling on the Social Development Minister and the Minister for Finance and Personnel to bring forward proposals to ensure that homeowners living in the predominantly loyalist area will be protected from negative equity and increased debt following the vesting of land.
Noting that the motion will be discussed in the Assembly on 18th October he said: "The issue of vesting property is particularly relevant to South Belfast at the moment as the Village area is currently in the middle of a vesting scheme.
"I have been contacted by a number of people from the Village area who are extremely unhappy that the vesting scheme will leave them in negative equity.
"Many of the people affected are those who have struggled to afford to buy there own homes and now find themselves in the terrible position that their house has been vested at a fraction of the original price.
"It should also be kept in mind that the Village area is ranked as one of the most socially and economically deprived areas in the Belfast and the fact that many people will be left in negative equity as a result of the vesting process will not help this situation.
"I would call upon all parties to support this motion when it is debated on October 18th," her concluded,
(GK/KMcA)
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