A GOVERNMENT assisted-purchase scheme which has helped dozens of Islanders into home ownership at a time when prices and mortgage rates are through the roof will continue into 2025, if the States agree.
Housing Minister Sam Mézec yesterday launched the third round of applications for the “First Step” shared-equity scheme, which helps aspiring homeowners secure their spot on Jersey’s notoriously slippery – and expensive – property ladder.
The scheme, delivered in partnership with Andium Homes, allows eligible Islanders to access a government contribution of up to 40% towards the purchase of an open-market property.
It focuses on existing properties instead of new-builds and is limited to first-time buyers, who will need to provide a 5% deposit towards their purchase – and be able to access the maximum lending available to them from one of the scheme’s partnering mortgage lenders.
The amount of deferred payment offered will be based on a financial review of prospective buyers’ finances.
Former Housing Minister David Warr first announced the scheme last year in the wake of warnings from estate agents that housing market transactions had “fallen off a cliff”.
The average cost of a home and property sales were in a downward spiral and Deputy Warr said at the time that he hoped the scheme would “get the housing market moving again”.
Its previous two application rounds have resulted in 51 applicants being offered equity loans.
Around 60 households are predicted to benefit from the initial £10 million investment.
And an additional £2 million has been earmarked to continue the scheme in the proposed Budget for next year, subject to States Assembly approval.
Deputy Mézec did not respond to JEP requests for a comment about this decision to continue funding the assisted-purchase scheme, but he said in a press release that he was “delighted” to open applications once more.
He added: “This scheme has made a real difference to Islanders who would have otherwise been unable to own their first home. I am hopeful that we will be able to reopen First Step in 2025 to help even more Islanders into home ownership.”
Dominique Caunce, Andium Homes’s policy and stakeholder engagement lead, encouraged all those unsuccessful in the initial rounds to reapply.
How to Apply
Islanders can find out more and apply at andiumhomes.je/findahome/first-step/ before 20 October.
Applicants must: hold Entitled status, not own any property in Jersey or overseas, be registered on the Assisted Purchase Pathway, be able to provide a 5% deposit towards the purchase, be able to access the maximum lending available to them from one of the scheme’s partnering mortgage lenders, and not be under offer on another assisted purchase scheme.
