The Government’s Housing Agency has launched a public consultation on proposed changes to the Shared Equity Purchase Assistance Schemes.
The scheme helps first-time buyers to buy properties in the Isle of Man.
The consultation seeks views on a range of planned amendments aimed at improving affordability and accessibility for those looking to purchase their first home.
These changes are designed to ensure the schemes remain sustainable and responsive to current housing market conditions.
Changes to Scheme
Proposed changes include:
- Adjusting income thresholds and discounted purchase prices to reflect changes to economic data;
- Introducing index-linking to the income thresholds and discounted purchase prices;
- Extending interest-free periods and increasing equity loan assistance under the Choice Scheme to support market access;
- Reducing residency requirements under the Choice Scheme to improve access to allow earlier access for people who have recently settled in the Island and are committed to staying here.
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.”
Housing Agency
The Housing Agency, which is overseen by the DoI, currently provides house purchase assistance through two schemes offering Shared Equity Loan Assistance.
These proposals follow a June 2024 Tynwald resolution requiring a review of home purchase assistance schemes and the development of an affordability framework.
The DoI is now instructing the drafting of amendment legislation for implementation by April 1.
The consultation will close on January 15, 2026 and can be completed by clicking here.
