EXTRA funding is to be sought for a shared-equity scheme aimed at helping first-time buyers, according to the new Housing Minister.
Deputy Sam Mézec, who is the subject of the Saturday Interview in this weekend’s JEP, said he wanted to channel more money into the Andium Homes-managed First Step scheme “as quickly as possible”.
Announced in September by his ministerial predecessor, Deputy David Warr, the initiative will enable eligible Islanders to access a government contribution of up to 40% towards the purchase of an open-market property.
It is estimated that up to 60 households could be able to benefit from the scheme, which utilises £10m of funding, which was previously earmarked in the 2021 Government Plan. It is limited to first-time buyers, who will also need to provide a 5% deposit towards their purchase.
Deputy Mézec said the idea was something his party proposed more than a year ago, but revealed that he did not intend to change the current model.
“What I do hope to do is, as quickly as possible, identify some kind of funding stream to get more money into it so it can help more people.
“That may be a bid in the next government plan for a block of funding, it might be something else – but I’ve set my intention to do that as quickly as possible.”
During the Government Plan debate at the end of last year, Deputy Mézec lodged an unsuccessful bid to re-allocate revenue raised from a 3% uplift in stamp duty for buy-to-let investors to the First Step programme, to enable more people to benefit from it.
Islanders can contact Andium Homes to register their interest in First Step, which is expected to launch this spring.
