Northern Ireland's First Minister Peter Robinson and deputy First Minister Martin McGuinness have welcomed the announcement of a new initiative by Ulster Bank, to help first time buyers get on the property ladder.

The new scheme, announced by the bank and local property developers, means that first time buyers will be offered protection against volatility in the housing market and will not have to find an initial deposit.

Mr Robinson said: "At our meeting with the banking institutions in July the deputy First Minister and I called on the banks to address the lack of available mortgages for first-time buyers.

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"This announcement will go some way to alleviating this problem and introduce some liquidity into the housing market here.

"This is a positive step that the Executive fully supports, we hope that other banks will consider similar measures to improve the prospects for first time buyers."

Mr McGuinness said: "The First Minister and I are determined to tackle the challenges of rising costs. We will be meeting with various sectors such as the financial institutions, food retailers, energy suppliers and vulnerable consumers over the coming months to listen to their concerns and encourage them to bring forward further initiatives.

"The announcement should make obtaining a home easier for a number of first time buyers at this difficult time."

See: Scheme To 'Cancel Out' Deposits For First Time Buyers

(PR/JM)