Jersey government announces £10 million scheme for first-time buyers

It is expected that between 30 to 60 households will benefit from the scheme, which has been set up with Andium Homes. Credit: ITV Channel

Jersey's government has announced a new assisted home ownership scheme to "help islanders get onto the property ladder".

The £10 million scheme will give eligible buyers contributions of up to 40% towards the price of an open-market home.

One and two-bedroom flats are understood to be the main focus of the scheme.

Prospective homeowners who would find it difficult to buy a property without financial support will be prioritised and applications will be means-tested.

A 5% deposit is needed and buyers will need to "be able to access the maximum lending available to them from one of the scheme's partnering mortgage lenders".

The initiative is only expected to benefit 30 to 60 households, with the island's Housing Minister Deputy Sam Mézec hoping that it can be expanded if it proves successful.

He said: "One of the issues that islanders approach me about consistently is their wish to own a home in Jersey.

"The £10 million funding made available will help change this for some of our genuine first-time buyers.

"The scheme’s focus on existing secondary market properties, rather than new builds, will help stimulate housing market activity at a time when turnover is low."

His predecessor Deputy David Warr added: "Although this is a pilot scheme that will help around 60 families in the first quarter of 2024, I have high hopes that this is a way for some who thought they may never have a home of their own to make that first move."