NEW figures have revealed that buy-to-let investors purchased more properties than first-time buyers at the Jersey Development Company’s Waterfront “Horizon” development.
Treasury Minister Elaine Millar confirmed that 129 of the 276 homes sold so far have been purchased by buy-to-let investors, while 89 were sold to first-time buyers.
She provided the figures in response to a written question from Deputy Max Andrews about the Island’s public developer.
At College Gardens, located near Rouge Bouillon, 43 of 187 homes were sold to buy-to-let investors while 89 were bought by first-time buyers.
In the written question, Deputy Andrews asked whether the government planned to restrict the number of homes sold to landlords in future developments.
In response, Deputy Millar said new rules had already been introduced to limit buy-to-let sales in upcoming projects, including South Hill and at the Waterfront.
For South Hill, the government has instructed the JDC to prevent investors from buying homes at the initial point of sale.
A quarter of the properties will be available under a shared equity scheme, while 35% will be targeted at first-time buyers with government-backed deposit support. Another 20% will be aimed at those looking to downsize, and the remaining 20% will be sold to owner-occupiers.
At the Waterfront, Deputy Millar said sales must be prioritised for first-time buyers and other groups before buy-to-let purchases can take place.
Any homes sold to investors will be part of the final phase of sales and will require the Housing Minister’s approval, with investors initially being limited to purchasing one property each.
Deputy Millar said these measures were sufficient and that no further restrictions on buy-to-let sales were planned.
