The Government’s Housing Agency has launched a public consultation on proposed changes to the Shared Equity Purchase Assistance Schemes, which help first-time buyers to buy properties in the Isle of Man.
The consultation seeks views on a range of planned amendments aimed at improving affordability and accessibility for those looking to purchase their first home. These changes are designed to ensure the schemes remain sustainable and responsive to current housing market conditions.
Key proposals
- Adjusting income thresholds and discounted purchase prices to reflect changes to economic data
- Introducing index-linking to the income thresholds and discounted purchase prices
- Extending interest-free periods and increasing equity loan assistance under the Choice Scheme to support market access
- Reducing residency requirements under the Choice Scheme to allow earlier access for people who have recently settled in the Island and are committed to staying here
Infrastructure Minister Dr Michelle Haywood MHK said:
‘Access to affordable housing is one of the most pressing issues for our community.
‘These proposed changes aim to make home ownership more achievable for first-time buyers while ensuring the schemes remain fair and financially sustainable. We want to hear from as many people as possible - your feedback will help us shape a system that works for the Island now and in the future.’
Background
The Housing Agency, which is overseen by the Department of Infrastructure, currently provides house purchase assistance through two schemes offering Shared Equity Loan Assistance.
These proposals follow a June 2024 Tynwald resolution requiring a review of home purchase assistance schemes and the development of an affordability framework.
The Department is now instructing the drafting of amendment legislation for implementation by 1 April 2026. Feedback from this consultation will help shape the final proposals.
Consultation Details
- Closing date: 15 January 2026
- How to participate:
- Online at consult.gov.im
- Paper copies can be printed from the website or requested by contacting the Housing Agency on +44 1624 685955 or via email at housingconsultations@gov.im
Consultation Scope
The Department of Infrastructure is committed to meaningful engagement and transparency. Your feedback can influence:
- How legally required proposals are implemented and any potential impacts
- Flexible proposals where your ideas and alternatives are welcome
All responses will be reviewed and summarised for the Housing Agency Board. While not every suggestion can be adopted, residents’ input will help ensure the schemes remain responsive to the needs of the Island.
