Social Development Minister Nelson McCausland welcomed the clarification provided by today's Land's Tribunal judgement in the case of Kerr v the Northern Ireland Housing Executive on the level of compensation payable when a property is vested for regeneration.

Minister McCausland said: "While I empathise with the many people in Northern Ireland who currently find themselves in negative equity, I welcome the clarity this judgement brings to the issue of compensation when property is vested in areas which require significant regeneration to provide residents with modern, comfortable homes that are fit for the future."

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Minister McCausland has given careful consideration to this issue of negative equity in regeneration areas. Compensation (as a result of vesting) is assessed in accordance with the Land Compensation (NI) Order 1982. This means that the acquiring authority must pay the market value at the operative date of the vesting order, today’s judgement confirms this. The compensation is agreed between the claimant and Land and Property Services, who provide an independent valuation service to the NI Housing Executive.

(CD/GK)