Buy-back properties

When you buy an ‘approved’ property through the Shared Equity Purchase Assistance (First Home Fixed) Scheme 2014, the purchase is subject to a 5 year pre-emption period. This means that, if you choose to sell or dispose of the property within that period, it must be offered back to the Department in order to be sold on to another First Time Buyer who is on the Register. These properties are known as Buy-Backs.

Purchasing a Buy-Back property comes under the same terms and conditions as purchasing a newly built ‘approved’ property. Therefore, purchasers have the opportunity to purchase a quality home at a subsidised price and may also be entitled to financial assistance to help with the purchase. In addition, the previous owner may have enhanced the property, e.g. new flooring and tiles. This could reduce the financial outlay for the new owner.

Buy-Back properties consist of 2 and 3 bedroom houses and 2 bedroom apartments. The type and number of properties available at any particular time varies depending on the owner who decides to sell their property during the pre-emption period. The Department currently has a number of properties available at various locations across the Island. A full listing of properties is available below.

Please note that you must be on the Register of First Time Buyers and qualify under the First Home Fixed Scheme to be considered for any of the above properties. For further information on this, please see First Time Buyers.

Currently Available

Buy-back apartments

Ballacottier Meadow, Douglas

Buy-back houses

Featured Property

Ballacottier Meadow

2 bed, second floor apartment, £140,000

If you are interested in any of the properties above, please contact the Public Estates and Housing Division. Please note that all calls will be recorded for quality and training purposes.