Easier upgrades to larger homes for first-time-buyers

Friday 05 April 2024

It will now be easier for first-time buyers to upgrade to larger homes while retaining their special status, the Housing Minister has revealed.

Deputy Sam Mézec said he wants reassure younger islanders that Jersey is a place where they can "live a prosperous life and start a family".

The recent changes aim to speed up the process and reduce bureaucracy for islanders wanting to upgrade from smaller homes, the Housing Minister explained. 

Yesterday I signed a ministerial order to change the First Time Buyer Guidance to make it a little bit easier for people who own a small flat to retain their FTB status when they want to buy a bigger home so they can start a family.

— Deputy Sam Mézec (@SamMezecJsy) April 4, 2024

He said: "Previously, anyone who wanted to regain first-time buyer status would have to go through a bureaucratic procedure and formally ask my permission.

"Now this will be managed by the Housing Advice Service, who will deal with applications within five working days."

A first-time buyer has never owned property before and can benefit from special considerations to help them enter the housing market when purchasing homes designated for first-time buyers, according to the government website.

Allowing people to still count as first-time buyers when they buy their second home gives those on lower incomes a "fighting chance" and also opens up smaller homes for genuine first-time buyers, according to Deputy Mézec.

Pictured: Housing Minister Sam Mézec said that "helping islanders into homeownership is a core part of this mission".

"There are lots of first-time buyer restricted homes on the market for prices which genuine first-time buyers would never be able to afford unless they were extremely well off," he said.

"I want younger islanders to believe that Jersey is a place where they can have confidence they can live a prosperous life and start a family.

"Helping islanders into homeownership is a core part of this mission."

The Reform politician clarified that these changes do not affect the First Step scheme, which remains exclusively for first-time buyers taking their first step onto the property ladder.