480 Mr. Durkan asked the Minister for the Environment and Local Government if he will review the maximum shared ownership loan of ?130,000 given that average house prices are in the region of ?190,000; and if he will make a statement on the matter. [8906/02]

The objective of the shared ownership scheme, is to enhance housing affordability by allowing applicants to purchase part only of the equity of the dwelling – at least 40% – and to rent the remaining share from the local authority.

The present maximum loan of €130,000 operated by local authorities for the purposes of the shared ownership scheme would on this basis enable the purchase of houses exceeding present average prices, subject to the ability of applicants to manage the mortgage and rented commitments involved.