If approved, the new amendments would be in place from early August.
Taking on board increases to median annual wages over the last five years as well as increases to housing costs, the proposed changes aim to make the scheme more accessible for those looking to buy their first property.
Minister of Infrastructure and Chair of the Housing and Communities Board, Chris Thomas MHK said:
‘The revised income thresholds for both Schemes widens access to the scheme for those looking to own their first home whilst the removal of property type and price limitations in the Choice Scheme, as well as increasing maximum house purchase price limits in the Fixed Scheme, should also increase flexibility for applicants and encourage more successful applications.’
‘These changes are intended to provide a short-term solution to enhance the Island’s offering to potential first time buyers and some others whilst a fundamental review of Shared Equity and its alternatives are undertaken as outlined in the Housing and Communities Action Plan’
The Housing and Communities Board is hosting a webinar on Friday 24 June between 11am and 12 noon about proposed changes to the First Time Buyers Schemes and an upcoming review of Shared Equity schemes. This Webinar is open to the public, stakeholders, media and other interested parties - registration is available through Eventbrite.