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Proposed “Shared Equity” scheme gives first time buyers a 35% discount

30 January 2008

The Minister for Planning & Environment and the Minister for Housing launched a public consultation for Jersey Homebuy, a proposed new scheme which would allow qualifying Islanders to buy their first home at a 35% discount. If approved, Jersey Homebuy would be applied to a proportion of the properties on all affordable housing sites now and into the future.

A system of financial means testing would be set up to identify qualifying first time buyers. This would be managed by the Housing Department in a similar way to its existing waiting list for States rental accommodation.

On launching the consultation Senator Cohen, Minister for Planning & Environment said: “I’m initially proposing a 35% discount and that would assist many deserving, hardworking Island families to fulfill their dreams of home ownership. If adopted by the States I would require that developers of all affordable housing sites make a proportion of the homes available for Jersey Homebuy and social rented housing, whilst the remainder will be for sale to first time buyers in the normal way.

Senator Terry Le Main , Minister for Housing said: “Qualifying Islanders would buy 100% of the first time buyer property for just 65% of the market value. If they then sell it on at any time in the future the sale would have to be to a first time buyer who would then pay 100% of the current value. The seller would take away 65% of the sale proceeds and the other 35% would be paid to a not-for-profit body that would re-invest the money into additional affordable housing provision. It’s a win-win for the buyer and for the future of affordable housing in Jersey .”

The Jersey Homebuy public consultation paper is available online at  Hard copies can be viewed at all parish halls, the Customer Services Centre at Cyril Le Marquand House or by contacting the Planning and Environment Department on 01534 445508 or emailing

The consultation closes on Wednesday, 26 March 2008 . A full analysis of the responses will be published at the end of the consultation period.

It will not be possible to advise people whether or not they will qualify for Jersey Homebuy until such time as the scheme is approved. However, first time buyers who wish to register their interest in the scheme should write to:-  Jersey Homebuy Registrations, Housing Department, PO Box 587, St Helier, JE4 8XT, providing their full names and contact details only.


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