H1 is an amendment to the Island Plan 2002 which recognises a need for housing for those with incomes too great to be eligible for social rented housing, but who are unable to afford to buy the cheapest first-time buyer home even with the assistance of a loan.
Homebuy
In order to meet this need the amendment includes the provision of land for the category of housing which will enable first time buyers who fall within this range to buy first-time buyer properties without paying the full first-time buyer price. There will be appropriate arrangements for the repayment in due course to the vendor of the balance of the purchase price.
Homebuy conditions
Jersey Homebuy is housing where the purchaser buys the whole property, but initially pays only such part of the first-time buyer housing value as may be determined by the Minister for Planning and Environment. The legal arrangements regulating the unpaid balance of the full value must be approved by the Minister for Housing and the property must remain in the first time buyer market in perpetuity.
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