78% of first-time buyers claim home ownership improves mental health

A recent study has revealed that 78% of those who bought a home in Northern Ireland through Co-Ownership report improved health and wellbeing, whilst 79% said they feel more financially secure. Almost 70% report that they feel part of the community where they now live and 89% have expressed how easy it is for them to commute to work.

Respondents of the survey also said that home ownership has “boosted their confidence” and “removed the worry of fluctuating rent”.

Mark Graham, Chief Executive of Co-Ownership said: “We believe there’s more to a home than four walls. The socio-economic benefits are clear as it is well-documented that home ownership greatly improves a person’s financial, physical and psychological health. We believe everybody should be able to work towards home ownership.

“These findings help communicate not just the viability and popularity of Co-Ownership as an option in today’s housing market, but also the role we play in improving lives across Northern Ireland.”

Since 1978, we have successfully supported 30,000 people into home ownership and currently has an active shareholding in over 9,500 homes across Northern Ireland.

Following an announcement from the Department for Communities of a four-year funding package worth £145m to deliver 4,000 homes, a further £13m has been allocated to Co-Ownership to facilitate the purchase of an additional 422 homes in the coming months, a much-needed boost and support for first-time buyers affected by the pandemic.

Mark continued: “We understand people’s financial circumstances can change and we have been able to support people into home ownership who previously would not have needed our help. As we continue to help families into homes throughout lockdown and beyond the pandemic, our work will also have a continued positive effect on the local housing sector which has demonstrated significant resilience to date.”