The government’s public consultation on proposed changes to its Shared Equity Purchase Assistance Schemes closes tomorrow.
The consultation invites views on a series of amendments aimed at improving affordability and accessibility, while ensuring the schemes remain sustainable in light of current housing market conditions.
The proposed changes include adjusting income thresholds and discounted purchase prices to reflect updated economic data, as well as introducing index-linking to help ensure figures keep pace with future changes.
First-Time Buyer Scheme
Other proposals include extending interest-free periods and increasing equity loan assistance under the Choice Scheme to improve market access.
The Housing Agency is also considering reducing residency requirements, allowing people who have recently settled on the island and intend to remain long term to access support sooner.
Infrastructure Minister Dr Michelle Haywood MHK said: “Access to affordable housing is one of the most pressing issues for our community.
“These proposed changes aim to make home ownership more achievable for first-time buyers while ensuring the schemes remain fair and financially sustainable. We want to hear from as many people as possible – your feedback will help us shape a system that works for the island now and in the future.”
The Housing Agency, overseen by the DoI, currently delivers home purchase support through two shared equity loan schemes.
The proposals follow a Tynwald resolution passed in June 2024 calling for a review of home purchase assistance and the development of an affordability framework.
The consultation closes tomorrow. Responses can be submitted online here.
