Over 43% of Shared Ownership Home Loans in Dublin have fallen into arrears
Issued : Monday 22 February, 2010
New figures released by the Oireachtas Library and Research Section indicate that 43.5% of householders paying loans on shared ownership homes in Dublin are in arrears.
The Shared Ownership Scheme is aimed at people who cannot afford to buy their entire home in one go. The scheme allows the purchaser to buy a proportion of the their home to begin with, increasing that proportion in steps until they own the whole house. Whilst this is happening, ownership is shared between the purchaser and the local authority.
Local Labour T.D Róisín Shortall commented,'The Shared Ownership Scheme was supposed to be an affordable route to home ownership, set up to assist first time buyers during a time of over inflated property values during the boom. In many cases the scheme has worked well, but judging by these figures, clearly more needs to be done to assist families.'
'These figures clearly highlight the extent on which the recession and the jobs crisis has impacted on families across Dublin. The inability of so many families to make scheduled payments cannot be divorced from the overall economic crisis, and in particular, the failure of the Fianna Fail and the Green Government to tackle the Country's growing economic problems.'
