Annual report

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Annual report strategic review 2005

• Northern Irelands regional body for shared
  ownership

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market review

• impact on Co-Ownership operations
• governance and accountability
• performance report

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Co-Ownership homes
18,500 so far
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affordability keynotes
average house prices locally topping 122,000
60 of all local jobs pay less than 19,000 a
year
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affordability keynotes
Buoyant investor market offsets drop in first
time buyers
65 of properties now exempt from Stamp Duty
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supporting first time buyers

• Access
• no property deposit necessary
• subsidised legal and valuation fees
• no Co-Ownership processing fees
• Ongoing
• reduced monthly payments (c 75)
• subsidised staircasing
• equity valuation not market valuation
• token processing fees (15)

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client profile

• Single adult households
• first time buyers
• separated from a partner coping
• with reduced income
• Lone parents
• Couples setting up home together
• Living with family or renting
• Moving for employment or family reasons
• Currently living in unsuitable housing

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3 year rolling government funding to 2008 will
provide an estimated 2,400 homes through
Co-Ownership
Planning policy - Co-Ownership as main delivery
mechanism for affordable home ownership in the
region
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•  
• the grant works out at around 40 of what we know
  we need to spend
• because it is in place we are able to invest 100
  millions
• or purchase around 800 homes in each of these
  next 3 years
• the actual value of these properties will be more
  than 200 millions
•  

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87 of homes were purchased in the fast moving
existing property market
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Property value limits from April 05
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governance accountability, structures

• Updated articles of association
• Board shareholder renewal
• Focus on expertise streamlining work
• Performance management structures for Board and
  staff

15
governance accountability,actions

• CIH UK Housing Awards 2005 Finalist best
  initiative to raise the profile of social housing
• CIPFA Public Reporting Accountability Award
  Winner 2005
• corporate reporting engaging shareholders

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performance review

• income and expenditure
• key facts and figures
• staircasing value added

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