APPLICATIONS are flooding in for the recently launched First Step assisted home-ownership scheme, the Housing Minster has said.
Deputy Sam Mézec revealed that “just about enough” applications had been received for the government to spend the entire £10 million set aside for the initiative.
He said that the high volume of applications since the project launched on 29 February demonstrated its popularity among Islanders seeking to get onto the property ladder.
In this week’s States sitting, Deputy Raluca Kovacs asked if there were plans to find more funding to continue and expand the scheme. Deputy Mézec replied: “That will be a matter for the Council of Ministers and for the Assembly, and will most likely return to this chamber in form of the Government Plan. If we can demonstrate the success of this scheme, then that gives good reason to continue it.
“Many members of this Assembly are gravely concerned at the way the housing crisis is affecting Islanders, especially young Islanders, and I hope that I can strongly make the case and identify a source of funding to carry it on.”
The assisted home-ownership scheme, which was announced by Deputy Mézec’s predecessor, Deputy David Warr, last September, is being delivered in partnership with Andium Homes and enables eligible Islanders to access a government contribution of up to 40% towards the purchase of an open-market property.
It will focus on existing properties instead of new builds and is limited to first-time buyers, who will need a 5% deposit – and be able to access the maximum lending available to them from one of the scheme’s partnering mortgage lenders.
Islanders wishing to join the Assisted Purchase Pathway, or those wanting to update their details, can still do so via: andiumhomes.je/assisted-purchase-pathway.
