In one of the biggest steps yet towards building confidence in the recovering property market, Lisburn firm WJ Law is set to build 24 houses on a new site at The Cotton in North Down.

And at a time when new builds have been put on hold across Northern Ireland, the Lisburn firm has already reported off-plan sales of Avonmore Court, where work is due to start this month.

WJ Law Director, David Law said: “There are two reasons people stopped buying and that is the risk of negative equity and the inability to get a mortgage.

We decided we needed to tackle both problems to get the market moving again and we did this by introducing our Price Guarantee and Smart Move schemes.

Since the launch of these schemes last autumn, we have seen a big increase in interest and sales across all our developments.

Avonmore is a great location and as there is a scarcity of new properties in the Bangor area, we decided to launch the scheme off-plan last month.

Since January 7, we are delighted to say that seven have already been purchased, five through our Smart Move Scheme.”

Through Smart Move, WJ Law will pay 25 per cent of the house price which the owner can then pay back at market value when they sell their home on or within 10 years, whichever comes first.

Through heir Price Guarantee Scheme, the company will guarantee a buyer that if the same type of home is completed on the same specification basis for a lesser price prior to December 31 2009, then the company will refund the difference plus the difference paid in stamp duty.

Avonmore Court is a mix of 24 modern, Georgian style homes located between 6 Roads Ends and Donaghadee. Prices start from £170,000 for a Russett Cottage terrace to £240,000 for detached at Chambers Cottage.

David Law added: “Sales are picking up elsewhere for us. Across all our developments – Summerhill in Banbridge, Ballantine Garden Village in Lisburn, Bishopshill in Dromore and now Avonmore Court in Bangor, there have been excellent sales this month with 25 homes agreed since January 5th.”

Starting from £145,000 for Russett Cottages a 3 bedroom townhouse, prices range as far as the temporary stamp duty level of £175,000. Chambers Cottage is a 3 bedroom double fronted home and is priced at £165,000. The Rectory and the Clocktower are both 4 bedroom homes with an integral garage, and are priced at £175,000; the Rectory is also available as a semi-detached home, and priced under the stamp duty level.

“We are delighted to bring our fantastic Banbridge homes to the market available for purchase under the Co-Ownership scheme, said David Law, director at WJ Law. “Bringing peace of mind to homebuyers in current times is important to us. With the return of the scheme this year, homebuyers now have the opportunity to possibly get onto the property ladder at an affordable cost and reap the great benefits of living in Summerhill.”

Summerhill homes offer relaxed family living with fashionable Georgian Flair. Located just off Rathfriland Road, Summerhill is within easy access of the A1 north and south and a range of local amenities including Banbridge Town Centre, Banbridge Golf Club, the Outlet Retail Park and both primary and secondary schools.

In order to apply for Co-Ownership, a homebuyer must seek an agreed sale from WJ Law for their chosen home and then source the application forms directly from Co-Ownership. Funding is limited this year for the scheme and Co-Ownership will be allocated on a first come first serve basis. All purchases are subject to valuation, contract and title. Both applicant and property will have to go through the Co-Ownership eligibility process in order to be assessed for the scheme.

For more information on house types, specifications, and plans please visit www.summerhillbanbridge.com. For more information on Co-Ownership please visit www.co-ownership.org