Plans to help first time buyers purchase property in Alderney

A plan has been put forward to help first time buyers in Alderney purchase their first property.

The island's youngest politician, Rhys Jenkins, wants to spread some of the costs of buying a house over a longer period of time.

It's a scheme which would allow first time buyers to spread out the payments of duties and fees when buying a house. This can be quite significant - roughly £10,000 on a £250,000 property. The scheme would allow that cost to be paid over a 10 year period.

Rhys Jenkins, Alderney States Member

He has put his proposals forward to Alderney's Policy and Finance Committee, which is now looking into the various options.

He says young people and families are "the future" of Alderney and need "any help they can" to stay.

It would not be a holiday or tax break from the States. They will still get their money but on a deferred loan system over two years. It would be registered as an adverse interest against the property. I think it's a really good idea.

Andrew Eggleston, Bell & Co Estate Agents

Saul Woodruff and Petra Bazantova are Alderney residents who are struggling to buy their first family home together. They say there is a lack of help for young people trying to buy properties in the island.

Houses are selling so quickly, which is good for Alderney, but it makes it harder and harder to buy. If you are trying to save money for a deposit and one of you does not work, it can be really hard. Even if you are able to pay the payment, you are not able to save properly.

Petra Bazantova, Alderney resident

As part of the policy initiative, the Policy and Finance Committee will also seek the views of banks and mortgage providers, to help inform their position.

If successful, the scheme could be extended to other people, such as essential workers. However, it would not be made available to those who already own a property.