First time assisted buyer scheme launched in Jersey

The government will contribute up to 40% towards the purchase of an open market property

Islanders can apply for government funding to help buy their first home.

The First Step assisted home ownership scheme, delivered in partnership with Andium Homes, will use £10m of funding to help those eligible.

The government will contribute up to 40% towards the purchase of an open market property.

Those already on the Assisted Purchase Pathway have been invited to apply, and buyers will need to provide a 5% deposit towards the purchase.

Islanders not already registered on the pathway have been encouraged to apply for the scheme.

The government said the scheme was limited to "genuine first time buyers" who have never owned property in Jersey or overseas.

'Pride and belonging'

The Minister for Housing, Deputy Sam Mézec, said he wanted to help more islanders to become homeowners.

He said: "One of the issues that islanders approach me about consistently is their wish to own a home in Jersey, and the frustration they feel at not being able to do so.

"Home ownership is important to many people; where we live matters and gives us a source of pride and sense of belonging.

"I'm delighted that this shared equity scheme is now available for eligible islanders to apply so home ownership can become a reality for more people."

Mr Mézec said the scheme's focus was on existing secondary market properties, rather than new builds, to "help stimulate housing market activity at a time when turnover is low".

Dominique Caunce, from Andium Homes, said the scheme would make "home ownership achievable" for those who have previously struggled to get onto the property ladder.

"We're delighted to be working in partnership with the Government to deliver this exciting initiative for first-time buyers, which will work alongside our existing Andium Homebuy shared equity scheme," he said.