Northern Ireland is to pilot a re-emerged 50% mortgage scheme, designed to give first-time buyers a much-needed leg-up onto, the now elusive, property market.

The Province will be the first part of the UK to implement the trial scheme, which will see developers and housing authorities stump-up half the value of a home.

Barclays' bank has offered to provide mortgage loans to pay-off the remaining cost of the property, eliminating the need for a hefty deposit.

The government-led project, similar to the defunct 'Co-ownership scheme', will be piloted in Portadown's Maghon Park area.

The development consists of 127 homes, including 24 detached houses and 103 semi-detached.

The price tags on the homes start at £145,000.

The 'Own a Home' scheme will allow buyers to attain a 50% stake in a house, financed through a 100% mortgage from Barclays.

Developer Turkingtons has agreed to pay 25% of the value of the Portadown homes, with the other 25% cost bore by either of the two local housing associations, Clanmil Housing and the South Ulster Housing Association.

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Buyers will have the option to invest in a greater share of their home, should they later find themselves in the position to do so.

They also have the opportunity to sell their portion of their property on the market.

Stormont Housing Minister Margaret Ritchie is expected to launch the scheme later today.

The Minister said: "It is good news for first-time buyers in Portadown, giving them a real opportunity to get on the housing ladder at this very difficult time.

"I very much welcome this innovative scheme, which sees a housing partnership between Government, developers, housing associations and a lending institution.

"As part of the new housing agenda, I want to increase the supply of affordable housing. This scheme, a first in GB and Ireland, does that, but it is just a start.

"I want to see many more of these housing partnerships emerge in Northern Ireland so that more and more people can get on the property ladder."

The SDLP MLA said Department of Social Development officials would be working to expand the partnership scheme across other parts of the Province.

Turkingtons is the latest Northern Ireland developer to take drastic action in an attempt to avert a worsening conditions in the local housing market.

Last week, Fraser Houses NI Ltd trimmed a massive £90,000 off homes in Glengormley, on the outskirts of Belfast.

The move resulted in the 53 homes being shifted within hours of the announcement being made.

Yesterday it was revealed the number of new mortgages approved for home buyers, across the UK, fell in July to just 33,000 - down by 71% on a year ago.

The Bank of England figures represented a new record low and highlighted the sharp slump in mortgage lending in the course of the past year.

(PR/JM)