Northern Ireland's Co-ownership Housing Scheme cannot cope with the growing number of people who want assistance in buying a home.

Alan Crowe, Chief Executive of Co-Ownership Housing today announced that no new applications can be taken for Co-Ownership at this time due to funding shortages.

He said: "It is with great regret that I announce that since close of business on Friday 14 March 2008, Co-Ownership is unable to accept new applications to help people wishing to buy an affordable home at this time."

The announcement came despite recent news that £205 million will be made available for social housing as a whole over the next three years, together with a series of changes announced to enhance the successful Co-Ownership scheme.

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Mr Crowe confirmed funding of £15 million for the 2008/09 financial year starting in April but said that it was "simply not enough to meet any further applications for Co-Ownership".

He said that the scheme expected that it will be enough to deliver the 525 homes limit in the new Programme for Government, but stressed the potential is there for so much more.

He added: "Now is not the time to cut back on the number of Co-Ownership homes, the only real option for many hundreds of people looking to get onto the Northern Ireland property ladder.

"With just a little more public funding we believe Co-Ownership can actually increase the number of affordable homes while bringing down the cost per home so far as government grant is concerned to around 25%. We will continue to put the case for Co-Ownership funding in the strongest terms."

Today's announcement will not affect the 700 plus households who are currently in the middle of purchasing a home through Co-Ownership or the 4,000 households who currently own a Co-Ownership home.

(VB/JM)