First-time buyers boost housing market

Wednesday 15 January 2014

Mortgage lenders predict that things will be looking up in 2014 as confidence in the housing market returns.

Managing Director of Skipton International Jim Coupe believes the States’ Starter Home Deposit Loan scheme which helps Islanders without a large deposit to purchase their first home has helped increase activity in the market.

He said: "It has helped first-time buyers to get onto the market which has helped to create more housing transactions and led to the return of some confidence in the market."

Skipton International ended last year on a record note, with December its biggest ever month for mortgage completions in Jersey.  Mr Coupe said it was the busiest quarter for six years and although official figures aren't due until February he's expecting the quarter to be "a busy one for everyone."

The bank also launched its new UK Buy-to-Let lending product last year which has attracted considerable interest from Islanders looking to invest in an alternative pension plan.

Skipton say that its new mortgage business in Jersey was up by 27.5% over the whole of 2013, and the company expects its lending book in the island to overtake its Guernsey lending, where they have been the biggest provider of new mortgages for four years, at some point in 2014.