The States of Jersey has unanimously agreed to raise the ceiling on the amount of stamp duty relief first-time buyers get in Jersey from the current level of £400,000 to apply to homes costing up to £450,000 albeit the increase is a temporary one for 12 months from 1 December 2011 only. Senator Philip Ozouf , Treasury Minister, said: "It is important that we do all we can to encourage first-time buyers into the market". Jersey's housing market has seen a 25% reduction in the annual number of transactions in the last three years which has the inevitable knock-on effect on the broader economy.
However in the same Budget, passed on 8 November 2011 in record time, the fees payable for certain registrations (in addition to the stamp duty payable on the value of the transaction) will increase with effect from 1st January 2012. Some of the more common fees are as follows:
- registration fees on mortgages raised from £60 to £80
- registration fee on all contracts raised from £60 to £80
- fee for a Declaration of Co-ownership raised from £180 to £200
- fee for registration/revocation of a Power of Attorney doubled from £30 to £60
- fee for registering a deed of reimbursement of a simple conventional hypothec raised hugely from £10 to £60