27 July 2012
The Trinity first time buyers development, to be carried out by the Parish of Trinity, will provide a range of first-time buyer homes for Islanders with a parish connection. Designed to be ‘homes for life’, the scheme will provide 39 new family homes plus 4 over-55s’ social housing. Phase 1 will consist of 25 first time buyer family homes.
The scheme's 25 first time buyer homes will receive funding from the Treasury through a £6 million short term investment from the States of Jersey Currency Fund.
A ‘Trinity connection’ is defined by a points system that rates different connections to the parish. These include living in Trinity, being born in the parish or having parents or grandparents born there. Additional points are allocated to parents who live in Trinity with children.
The scheme is unique as the Parish of Trinity will retain one-third equity in the first time buyer homes, meaning that buyers will only need to find two-thirds of the cost of a home for life.
The retained parish equity will not incur interest as such, but interest will be defined as the appreciation or depreciation in the value of the property and will become payable when the property is sold. Changes in personal circumstances will not necessarily mean the property has to be sold.
Any profit for the parish from the sale of these properties will be used to invest in further projects that will benefit parishioners.
There have already been a number of applicants for both the first and second phases of the development. The new homes are to be designed by local architect George De Sousa, on land donated by Trinity parishioner, Meriel Edwards, in March 2007. The homes will be of a high standard, with fully fitted appliances, gardens and parking.
The building contract will shortly go out for tender, with work anticipated to begin in September / October 2012 for approximately 18 months. Prices will be set according to size and location via 3 independent valuers.
The Connétable of Trinity, John Gallichan, commented “We have been able to undertake this project because of the generous donation of land by Trinity Parishioner Meriel Edwards. I am absolutely delighted that this scheme will enable us to provide homes for first time buyers with a Trinity connection.”
The Procureur du Bien Public, Peter Williams, added “Family homes are expensive in Jersey. This scheme makes them affordable and achievable for young families.”
The Minister for Treasury and Resources, Senator Philip Ozouf, said “The Treasury has approved a short term investment to support phase 1 of the development. We have entered into a written agreement with the Parish on behalf of the States of Jersey Currency Fund, for the development of 25 homes for first time buyers on a shared equity basis.
“I am extremely pleased that we are able to support this project which will also provide a much needed boost for the construction industry.”