BY AUSTIN LYNCH

There may be some light at the end of the tunnel for prospective first time buyers following yesterday's (Tuesday) announcement of two property related initiatives.

The first bit of good news for those wondering if they'll ever get onto the property ladder is the announcement that stamp duty is to be axed, for a year, on properties costing less than £175,000.This means the stamp duty threshold has been increased by £50,000.The other announcement relates to an innovative new scheme in Portadown which aims to help first time buyers.This scheme, in Maghon Park, involves developers and housing associations coming up with 50% of the cost of a property.Under the 'Own a Home' scheme, buyers will be able to purchase the other 50% of the property through a 100% mortgage from Barclays.Barclays' Bank are putting up £50 million over the next three years to fund the scheme, and will be offering mortgages for half the value of the properties, without buyers having to come up with any deposit.Under the Portadown scheme, believed to be the first such scheme in the UK and Ireland, the developer will pay 25% of the cost, with the remaining 25% provided by either of two local housing associations, Clanmil Housing and the South Ulster Housing Association.The homeowner will have the option of buying a greater share of the property from the developer, and associations, if and when they are ready.The homeowner will also have the option to sell their share on the open market if they so desire. It is expected a similar scheme will be unveiled in the North-west next week.Commenting on the stamp duty initiative, local estate agent Niall Smyth of Smyth & Leslie said it was great news for the first time buyer.Niall explained that on properties priced between £150,000 and £170,000 the first time buyer will now save between £1,500 and £1,700 on a house purchase (based on stamp duty at 1%)."We've been used to a stamp duty threshold of £125k, so this really opens the market up to first time buyers," said Niall. "With the average semi-detached priced between £140k and £170k, this really couldn't be better."Niall admitted that the early part of the Summer had been fairly quiet, but said there has been a notable increase in activity over the last few weeks, and he reported 'a bit more of a positive feel' about things recently.Talking about the Portadown scheme, he said anything such as this, which aims to stimulate the first time buyers market, has to be positive.And while welcoming this scheme, Niall would still like to see something more happening to help first time buyers, such as the extension of the co-ownership scheme."The difficulty at the moment is young people coming up with a deposit," he said.But, the feedback he's been getting from banks and building societies is that they may be considering loosening their purse strings slightly in the coming months after being very careful of late when it comes to lending.He believes a lot of other housing associations, including some local ones, are being invited to become involved in schemes similar to the Portadown pilot scheme. Although this may be some time away yet."If the pilot scheme is successful, it will more than likely be extended to Fermanagh in due course" he said.Launching the scheme, the North's Housing Minister, Margaret Ritchie welcomed the innovative and said it created 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's 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."