JERSEY’S property market has stalled and an emergency measure will be taken to reduce housing qualifications by two years.
Housing Minister Terry Le Main has confirmed to the JEP that he intends to ask the States to bring down the wait for housing qualifications from 12 to ten years after Christmas.
Earlier this year the scheduled one-year drop in the waiting period for housing qualifications was frozen because of fears that the property market could not cope with an extra 300-400 buyers.
But Senator Le Main revealed that the time is now right to reduce the qualifying period because the housing market had virtually come to a halt. ‘The housing market has stalled at the moment because the lenders and banks are not lending like they were in the past with the 100% mortgages. They are not lending so willingly and freely,’ he said.
