Proposed changes to the Island’s immoveable property laws mean that developers or housing providers, such as the Jersey Homes Trust, would be able sell a home and take a stake in the mortgage as an incentive for the buyer.
Jack Norris, a policy officer in the Strategic Housing Unit, said that it is hoped the move would encourage ‘new types’ of shared home ownership schemes to come on to the market and help more Islanders on the property ladder.
Work on the new laws is being finalised by the States’ Law Advisory Panel, chaired by External Relations Minister Sir Philip Bailhache and during a Housing, Environment and Technical Services Scrutiny Panel hearing on Thursday, Housing Minister Anne Pryke said that she expected a proposition to be lodged ‘within the next couple of months’ to bring the new laws into effect.
