The recent changes aim to speed up the process and reduce bureaucracy for islanders wanting to upgrade from smaller homes, the Housing Minister explained.
Yesterday I signed a ministerial order to change the First Time Buyer Guidance to make it a little bit easier for people who own a small flat to retain their FTB status when they want to buy a bigger home so they can start a family.
— Deputy Sam Mézec (@SamMezecJsy) April 4, 2024
He said: “Previously, anyone who wanted to regain first-time buyer status would have to go through a bureaucratic procedure and formally ask my permission.
“Now this will be managed by the Housing Advice Service, who will deal with applications within five working days.”
A first-time buyer has never owned property before and can benefit from special considerations to help them enter the housing market when purchasing homes designated for first-time buyers, according to the government website.
Allowing people to still count as first-time buyers when they buy their second home gives those on lower incomes a “fighting chance” and also opens up smaller homes for genuine first-time buyers, according to Deputy Mézec.
Pictured: Housing Minister Sam Mézec said that “helping islanders into homeownership is a core part of this mission”.
“There are lots of first-time buyer restricted homes on the market for prices which genuine first-time buyers would never be able to afford unless they were extremely well off,” he said.
“I want younger islanders to believe that Jersey is a place where they can have confidence they can live a prosperous life and start a family.
“Helping islanders into homeownership is a core part of this mission.”
The Reform politician clarified that these changes do not affect the First Step scheme, which remains exclusively for first-time buyers taking their first step onto the property ladder.