First time buyer property transactions (FOI)

​Request

How many first time buyer property transactions have taken place within the last 12 months? 

If time permits, please provide this figure for the last three years.

Response

First time buyer information is not collected directly when transactions are registered at the Public Registry. However the First Schedule of the Stamp Duties and Fees (Jersey) Law 1998 (jerseylaw.je) does provide for reduced duty under items 13(b) and 13(m).

Below is an explanation of when 13(b) or 13(m) apply followed by figures where reduced fees have been received for the last two years and this year to date.

The conditions for application of 13(b) are:

Provided that the fees specified in this paragraph shall only be substituted for those payable under paragraph (a) of this item where the transaction fulfills all the following conditions –

(A)    the purchaser requests that the stamp duty be assessed in accordance with this sub-paragraph;

(B)     the purchaser is a person who has Entitled status in accordance with the Control of Housing and Work (Residential and Employment Status) (Jersey)  Regulations 2013, other than by virtue of Regulation 2(1)(e) of those Regulations, or is the spouse or a civil partner of such a person and is joint transferee with that person;

(C)     the purchaser satisfies the designated officer that he or she has never owned a reversionary interest in any dwelling accommodation wherever situated nor has he or she ever previously been entitled to occupy such dwelling accommodation (or would have been so entitled if clause (B) applied) by virtue of having owned the accommodation, and for the purposes of this clause “owned” includes –

(a) having held such accommodation on contract lease;

(b) having owned such accommodation together with any other person;

(c) having owned shares that confer entitlement to occupy such accommodation; and

(d) any arrangement whereby such accommodation was held in the name of a nominee or trustee, or of a company owned by such nominee or trustee, for the benefit of the purchaser; and

(D)    the consideration for the sale is not less, or not substantially less, than the gross value of the property as sold.

The conditions for application of 13(m) are:

Provided that the fees specified in this paragraph shall only be substituted for those payable under paragraph (l) of this item where the transaction fulfils all the following conditions –

(A)    the lessee or transferee requests that the stamp duty be assessed in accordance with this paragraph;

(B)     the lessee or transferee is a person who has Entitled status in accordance with the Control of Housing and Work (Residential and Employment Status) (Jersey) Regulations 2013, other than by virtue of Regulation 2(1)(e) of those Regulations or is the spouse or a civil partner of such a person and is joint lessee or transferee with that person.

(C)     the lessee or transferee satisfies the designated officer that the lessee or transferee has never previously been entitled to occupy dwelling accommodation wherever situated (or would have been so entitled if clause (B) applied) by virtue of having owned the accommodation, and for the purposes of this clause “owned” includes –

(a)     having held such accommodation on contract lease;

(b)     having owned such accommodation together with any other person;

(c)     having owned shares that confer entitlement to occupy such accommodation; and

(d)    any arrangement whereby such accommodation was held in the name of a nominee or trustee, or of a company owned by such nominee or trustee, for the benefit of the lessee or transferee; and

(D)    the premium for the granting or transfer of the lease is not less, or not substantially less, than the gross value of the premium calculated in accordance with the foregoing provisions of this paragraph.

The following figures from the Public Registry are therefore not “First Time Buyers” but are buyers that qualified for reduced duty under items 13(b) and 13(m) described above. The figures are for freehold and flying freehold only:

From Jan 2021 to 5 Nov 2021 – 211

From Jan 2020 to Dec 2020 – 219

From Jan 2019 to Dec 2019 – 204

Relevant legislation 

Stamp Duties and Fees (Jersey) Law 1998

Control of Housing and Work (Residential and Employment Status) (Jersey) Regulations 2013