£10m gov home ownership scheme to be revealed?

Monday 10 July 2023

An announcement about how £10 million allocated in the Government Plan to develop a home ownership scheme could be spent will be made "in the coming weeks", according to the Housing Minister.

Deputy David Warr spoke after he raised the household income thresholds for his Assisted Purchase Home Ownership policy, which means more people can now qualify for schemes like Andium Homebuy – where buyers can purchase a home with a deferred payment of up to 25% of the market value.

The new household income limits range from £65,000 per year – for those seeking a one-bedroom flat – up to £135,000 per year for a four-bedroom house.

The previous income limits ranged from £45,000 up to £90,000 respectively.

"Income is generally failing to keep pace"

Deputy Warr said: "Broadening the eligibility criteria will make the scheme more attainable for Islanders while acknowledging the affordability challenges."

He continued: "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."

The new criteria will also be used for assessing applications for purchasing homes on land that has been rezoned for affordable housing.

Pictured: Housing Minister David Warr has widened the eligibility criteria for accessing assisted purchase support.

Deputy Warr said: "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."

Deputy Warr is also seeking to further widen access to the island's social housing stock, by reducing the age criteria for the Affordable Housing Gateway – the waiting list for those registered for affordable rented housing – down to 25.