On Air Now The Late Mix 10:00pm - Midnight
Now Playing Nelly Furtado Say It Right

More People Eligible For Help To Buy A Home

Income thresholds for first-time buyers hoping to get help with the cost of a home have been increased.

It means more hopeful buyers can use Andium's assisted buying scheme, where the housing association will defer 25% of the purchase price.

The income threshold to be able to use the scheme has increased by £25,000 for a one-bedroom flat and by £45,000 for a 4-bed home.

Housing Minister Deputy David Warr says it's difficult to know exactly how many more people will qualify.

"Is it 100, 200, 300 or 1,000? I couldn't exactly tell you that. Until people get on the phone and start asking the question we won't know.

But Andium usually has around 60 homes available to buy every year."

Deputy Warr says that he hopes it will mean more people getting on the housing ladder.

"One of the issues getting access to the shared equity scheme is around income and we decided that the current thresholds weren't reflecting how much house prices had increased.

I felt that we needed to do something to allow more people to get access."

Deputy Warr is also working alongside the Environment Minister to make new homes on rezoned land 30% cheaper for first-time buyers.

It's also been confirmed that the Treasury Minister is also reviewing Stamp Duty and looking at how to best support first-time buyers in that.

More from Jersey News

Island FM VIP

Get more with the Island FM VIP!

Download Our App

Never miss a moment from Island FM

  • Available on the App Store
  • Available on Google Play
  • Just ask Amazon Alexa