07 July 2023
More Islanders will be able to get on the property ladder, following a decision by the Minister for
Housing and Communities to widen the scope of a scheme that assists aspiring homeowners.
Deputy David Warr has raised the household income thresholds for his Assisted Purchase Home Ownership policy, which helps first-time buyers who cannot purchase on the open
market without assistance.
The new household income limits range from £65,000 per year (one-bedroom flat) up to £135,000
per year (four-bedroom house). The previous income limits ranged from £45,000 up to £90,000.
The changes mean that more potential homebuyers can now qualify for assistance such as Andium Homebuy, an assisted purchase scheme where buyers can purchase a home with a deferred
payment of up to 25% of the market value.
The new criteria will also be used for assessing applications for purchasing homes on land that has
been rezoned for affordable housing, which – subject to the final approval of Supplementary
Planning Guidance by the Minister for the Environment – are also expected to be delivered at 30%
below open market first-time buyer values.
Deputy Warr said: "Broadening the eligibility criteria will make the scheme more attainable for
Islanders while acknowledging the affordability challenges.
“The current economic climate has seen house prices, inflation and interest rates rise – but income
is generally failing to keep pace with these increases. The affordability of home ownership is a
challenge for many Islanders, with housing and the cost of living recognised as the top Common
Strategic Policy priority by the Government of Jersey.
“This update to the household income ceilings is important because it means more first-time
buyers will qualify for access to assisted home ownership schemes.
“I want home ownership to be in reach for as many people as possible in Jersey. That’s why I’m also
in the process of developing policy options for how the £10 million, allocated in the Government
Plan to develop a home ownership scheme, can be spent to best effect. I will be announcing more
on this in the coming weeks.”
The threshold update, which comes into immediate effect, is in line with Deputy Warr’s Ministerial
Delivery Plan, in which one of his priorities is to help Islanders into homeownership.
The changes follow an update in May to the First-time buyer policy, which clarifies the
circumstances in which someone may be eligible to acquire property that is the subject of a first-time-buyer restriction.
The Minister for Treasury and Resources, Deputy Gorst, has also appreciated the wider need to
support first-time buyers, acknowledging that the current stamp duty threshold has not been
updated for some time. Deputy Gorst is considering the best options to support first-time buyers
as part of the wider review of Stamp Duty, as approved in the 2023-2026 Government Plan.
Applications for the Assisted Purchase Pathway can be submitted through Andium Homes. The fully
updated eligibility conditions are published on gov.je.
gov.je