NEW three-bedroom homes will soon be available to first-time buyers for an estimated £260,000 – more than £140,000 below the real market price.
The discounted housing will be available to qualifying families under the terms of a shared-equity scheme, approved in principle by the States yesterday by 38 votes to five.
At the current interest rates, that would mean monthly mortgage repayments of around £1,675 for 25 years.
Members overwhelming backed the Jersey Homebuy initiative, which was proposed by Planning Minister Freddie Cohen, to give lower- and middle-income earners a leg up onto the housing ladder. Senator Cohen said that action was needed to help families who had seen house prices soar well beyond their grasp realise their dream of home ownership.