£10M First-Time Buyer Scheme Opens

Applications open today for first-time buyers to get help from Jersey's government to own their own home.

The First Step scheme will contribute up to 40% of the purchase price of a property.

Plans were revealed last September by the previous Housing Minister Deputy David Warr.

A pot of £10 million is available for the assisted home ownership scheme, which is available to people already registered on the Assisted Purchase Pathway.

They will need a 5% deposit on an open-market house, and must not have owned a property in Jersey or elsewhere.

Around 60 islanders will be benefit directly, but the new Housing Minister Deputy Sam Mezec hopes it will stimulate the wider property market as its focus is on existing homes rather than new-builds.

"We're hoping that it will have a knock-on effect, helping those people who perhaps already own a home but are looking to upsize so they can grow their family, but are struggling in the current housing market for someone to buy their home.

We know that there is a really low turnover of properties at the moment."

Deputy Mezec believes that, if the government can show the success of the first round of investments, States members will recognise it is worthwhile.

"It's worth the government supporting schemes like this so we can support, particularly, young people who want Jersey to be the place they call their home."

Islanders who are not on the Assisted Purchase Pathway already need to submit their details before they can apply for First Step. Priority will be given to those who have been on the APP for the longest time and those whose finances would make it difficult to buy a home without the support.

There will be three rounds of applications, with the first round open today (29 February) until 2 April.

Andium Home will assess applications and notify successful islanders.

Further rounds will open in July and in September.

Dominique Caunce, Andium Homes’ Lead for Policy & Stakeholder Engagement,is delighted to be working with the government on the scheme:

“It’s an exciting time for first-time buyers as together First Step and Andium Homebuy will make home ownership achievable for many of those who may have previously struggled to get on the property ladder.

“We want to encourage as many people as possible to register for these schemes via our website or by calling our Sales Team, who will be happy to help.”