23 September 2008
Jersey Homebuy scheme will deliver housing at 35% discount
Deputy Power’s Housing Scrutiny Sub-Panel, the States Members Working Group and the Ministers for Planning & Environment and Housing have finalised the details of the Jersey Homebuy scheme.
Deputy Power stated: “Members agreed that it would be appropriate to trial the Jersey Homebuy process on the remaining sites from the 2002 Island Plan as proposed. The Panel believe it is important to support those on lower incomes and we feel that the interest generated by this initial phase of Jersey Homebuy will almost certainly create a demand for a wider application of the scheme in the future. Consequently, we were pleased to agree with the Minister that on future schemes, the financial parameters of the Gateway may be varied to ensure a greater range in the type and size of property which will be available through Jersey Homebuy”.
The Jersey Homebuy scheme will allow qualifying first time buyers to purchase their first home at a 35% discount. Housing will ensure that applicants meet the necessary First-Time-Buyer and income criteria and will manage the allocation process. The scheme is initially aimed at the remaining H2 rezoned sites and will provide around 65 three bedroom family homes. It is intended that Jersey Homebuy will evolve and become a key feature of the new Island Plan, ensuring that in future all new large housing developments include some Homebuy homes.
Senator Cohen, Minister for Planning & Environment said: “Shared Equity was one of my key manifesto commitments and I am delighted that we have been able to work closely with Scrutiny and the Workgroup to achieve this. I would like to personally thank Deputy Power and his Panel and the separate Jersey Homebuy Working Group for their highly constructive approach. This is an excellent example of States Members working together in the interests of the community. Homebuy will deliver the dream of home ownership to many Island families who otherwise would have been unable to afford their own home. I hope that in the future Homebuy shared equity houses will be delivered on all large housing developments”.
Senator Terry Le Main, Minister for Housing said: “I have been concerned for some time about the affordability of homes for first time buyers and I am absolutely delighted that the scheme is now approve.”
The full details of the scheme will be published shortly by the Housing Department and people who wish to apply should write to:
P.O. Box 587