Shared Equity - Jersey Homebuy Scheme for Intermediate Housing

A consultation paper was issued on 30 January 2008 in relation to a proposed Jersey Homebuy Scheme which will be available to qualifying first time buyers at a discounted rate, presently proposed at 35%. 

Buyers would purchase 100% share of the property for just 65% of the first time buyer market value. If they sell it on, the sale would have to be to a first time buyer who would then pay 100% of the remaining first time buyer value. The seller would take away 55% of the sale proceeds and the other 35% would be paid to a not-for-profit body that would reinvest the money into more affordable housing. 

The Minister for Planning and Environment is asking four particular questions as part of his consultation namely:

1. Should the Island Plan in 2002 be amended to make provision for Jersey Homebuy properties on the remaining allocated H2 housing sites? (An H2 site is an affordable housing site which are presently allocated to social rented housing and first time buyers.)
   
2. Is Jersey Homebuy the right mechanism for delivering more affordable housing? Or should the Planning and Environment Department be looking at other mechanisms?
   
3. Is the format of the proposed scheme workable and will first time buyers find it easy to access?
   
4. What form should the not-for-profit administering body take?

Comments should be sent to the Minster for Planning and Environment, South Hill, St. Helier, JE2 4US or by email to jerseyhomebuyer@gov.je by 26 March 2008.

Click here for the full consultation paper.