The level of financial support for first-time home buyers is set to be increased and the eligibility criteria widened in a move to help more young people onto the property ladder.
Chief Minister Alf Cannan set out the commitment during the fourth government conference.
He said, “Despite progress, the need for affordable housing and the challenges for our young people to get on the housing ladder remain a real concern. It is also one of the challenges we face in retaining and attracting the skills our economy needs.”
Limits
The government currently offers two shared equity schemes.
Mr Cannan confirmed, “We will increase the salary thresholds and the upper limit on purchase prices and importantly, we will also look to expand the level of support for the ‘Choice’ scheme which allows for purchases on the open market.”
He added: “This will provide more opportunities for young families to access the housing market and will support our developers with the confidence to increase the rate of supply in these markets.”
The Housing Agency will carry out any necessary consultation on the proposals ahead of seeking Tynwald approval of any revised schemes.
1 Comment