26 September 2023
A new £10 million shared equity scheme to help Jersey’s first-time buyers into home ownership has
been announced by the Minister for Housing and Communities, Deputy David Warr.
Under the First Step scheme, eligible Islanders will be able to access a Government contribution of
up to 40% towards the purchase of an open-market property. The buyer will need to provide a 5%
deposit towards the purchase.
The funding, which was allocated in a previous Government Plan, will be available as soon as final
policy development is completed in partnership with local banks. This is expected to be by spring
2024. From today, Islanders already registered on the Assisted Purchase Pathway are being invited
to register their interest by contacting Andium and ensuring their details are up-to-date. Islanders
not already registered on the Pathway but wishing to put themselves forward for the new scheme
are being encouraged to register their details and interest now.
It is anticipated that up to 60 households will be able to benefit from the initial £10 million
investment, which the Government will consider extending should the scheme prove successful.
Access to First Step funding will be available to those who have a household income within the
Minister for Housing and Communities’ existing assisted purchase eligibility criteria. The allocation
of funding will be prioritised towards the lowest-income households, taking into account how long
they have been registered on the Pathway.
The First Step scheme will also be limited to true first-time buyers, who have never owned property
in Jersey or overseas.
The Minister for Housing and Communities, Deputy David Warr said: “This Government is
supporting Islanders to achieve their aspiration of home ownership. The investment we’re making
to support first-time buyers will provide targeted assistance for Islanders, particularly those on
lower incomes, at a time when housing market transactions have slowed.
“We recognise that getting onto the property ladder is a challenge for many Islanders. We’re not
saying this amount of money will improve affordability conditions in general, but the First Step
scheme, together with the other initiatives being delivered to support home ownership, will enable
us to make a real difference to Jersey families.
“This scheme won’t just help first-time buyers, but will also help complete chains, with a ripple
effect that I believe will get the housing market moving again.
“Having carefully considered around 20 different options, Ministers feel this scheme represents the
best way we can support a good number of households, in a manner which works in today’s
housing market conditions. The way it’s structured means this isn’t the Government giving out ‘free
money’, but we’ll be helping people bridge the gap to get their first step onto the housing ladder,
whilst seeing a return for Government in the long-term and we want to see that re-invested back
into new schemes in the future.”
The detailed policy for how the funds will be prioritised and allocated will be further refined over
the next few months, working with local banks, lawyers and estate agents. There will, however, be
limits on the total property costs to ensure as many households as possible are supported.
The Government is partnering with Andium Homes, the States-owned affordable housing provider,
to administer the First Step scheme, making use of its established skills and experience running the
Andium Homebuy scheme.
Carl Mavity of Andium Homes said: “Andium Homes is delighted to be working with the
Government on this exciting initiative for first-time buyers, which will operate alongside our
existing Andium Homebuy shared equity scheme, adding considerably to the 60 of our own homes
that we sell to first-time buyers each year.
“We are also delighted to announce that we will shortly be marketing a selection of new one- and
two-bedroom apartments also for sale through our Homebuy Scheme in 2024.
“Together, Andium Homebuy and First Step make it a really exciting time to be a first-time buyer
and we want to encourage as many people as possible to register for the schemes. Anyone wishing
to do so or just wanting more information should visit our website or pop in and see us at our
office in Don Street.”
Islanders wishing to join the Assisted Purchase Pathway, or those wanting to update their details,
can do so via andiumhomes.je/assisted-purchase-pathway.
gov.je