Social Development Minister Nelson McCausland has welcomed news that Co-Ownership Housing has secured £50 million private finance investment over the next three years.

Barclay's Bank and Bank of Ireland have both announced a commitment to provide £25million each to help people take the first step on to the property ladder.

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The Minister said: "The provision of good quality, affordable housing is a key priority of the Executive. Through the Co-Ownership scheme, government and the private sector are working together to facilitate a better future for those who want a stepped approach into home ownership.

"Last year, along with my colleague Finance Minister Sammy Wilson, I was able to announce £100million funding for Co-Ownership until 2014/15. Together with this private investment announced today, some 2,500 homes will be able to be purchased, mainly by first time buyers, over the next four year period."

(CD/IT)