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26/05/2009
'End Of The Line' On Co-Ownership Queues
Anxious first-time buyers who queued outside Co-Ownership's Belfast office last month hoping to get one of just 55 places set aside for May could be the last forced to line-up.
Weeks after prospective homeowners camped out overnight to reserve a place for the heavily over-subscribed scheme, a draw has been introduced to end the free-for-all.
The draw will actually take place after the application deadline rather than the previous 'first come, first served' basis which saw queuing on the street last month.
The number of applications from people trying to get onto the property ladder now exceeds the quota allocated by the scheme on a monthly basis.
Potential buyers had been shown to be prepared to spend up to two nights literally 'on the street' - homeless in a way - to ensure their application was among the first batch.
More houses now fall under the remit of Co-Ownership's £175,000 cap, following continued falls in property prices.
However, its down to the luck of the draw from now on, with chances even improving as the 55 places filled in May has gone up to 65 for June - but demand is still far higher.
The draw for the June intake of 65 places takes place on Wednesday, June 3 at noon and the qualifying period will begin at 8am on Monday, June 1 until 5.30pm on Tuesday, June 2.
All application forms received during that period will go forward to the draw.
See: Co-Ownership Applicants Queue-up
(BMcC)
Weeks after prospective homeowners camped out overnight to reserve a place for the heavily over-subscribed scheme, a draw has been introduced to end the free-for-all.
The draw will actually take place after the application deadline rather than the previous 'first come, first served' basis which saw queuing on the street last month.
The number of applications from people trying to get onto the property ladder now exceeds the quota allocated by the scheme on a monthly basis.
Potential buyers had been shown to be prepared to spend up to two nights literally 'on the street' - homeless in a way - to ensure their application was among the first batch.
More houses now fall under the remit of Co-Ownership's £175,000 cap, following continued falls in property prices.
However, its down to the luck of the draw from now on, with chances even improving as the 55 places filled in May has gone up to 65 for June - but demand is still far higher.
The draw for the June intake of 65 places takes place on Wednesday, June 3 at noon and the qualifying period will begin at 8am on Monday, June 1 until 5.30pm on Tuesday, June 2.
All application forms received during that period will go forward to the draw.
See: Co-Ownership Applicants Queue-up
(BMcC)
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