14 June 2016
A new shared equity scheme has opened with 40 one-bedroom affordable homes now on sale at College Gardens. The College Gardens development is being delivered by the States-owned Jersey Development Company.
College Gardens, site of the former Jersey College for Girls at La Pouquelaye, will provide discounted affordable homes to eligible first-time buyers who need support to purchase their own home.
Under the shared equity scheme, eligible first-time buyers will be able to buy a one-bedroom home at 80% of the market value, with the remaining 20% discount being held in a bond by the States of Jersey.
Shared equity scheme
The Minister for Housing, Deputy Anne Pryke, has welcomed the scheme. “I am delighted to see the release of shared equity homes at College Gardens. There are many islanders who want to enjoy the security of being able to own their home, and this scheme will help them do just that,” said Deputy Pryke.
The scheme is being targeted at households most in need of affordable housing. Potential purchasers need to be residentially qualified first-time buyers, with a maximum annual income of £41,000. They will also need to meet the maximum saving and deposit levels set by the Affordable Housing Gateway.
As well as homes for purchase, 40 affordable social rental units for the over 55s are being developed at College Gardens.
Deputy Pryke said “This development will help meet the island’s affordable housing needs, delivering affordable homes for rent and sale, which is a key priority of the Housing Strategy. The regeneration of this site will also contribute towards our vision for the future of St Helier, creating a strong and vibrant community in this area of town.”
Managing Director of Jersey Development Company, Lee Henry, said “We’re obviously delighted to be regenerating this much-loved site. 40 of the 187 new units of accommodation will be shared equity, affordable homes for locally qualified islanders. The new College Gardens community will benefit from extensive private gardens, a new pétanque terrain, gym and reading areas. Preliminary work has already commenced on the site, construction will begin later this year and completion is due in phases between February 2018 and February 2019.”
People who interested in purchasing a home should make an application to the Affordable Housing Gateway.
View the Affordable Housing Gateway application