Jersey house hunters face higher mortgages as waterfront development delayed

The Horizon apartments on St Helier's waterfront were due to be finished at the end of 2021 but a shortage of labour has been blamed for the move-in date being pushed back to 2023. Credit: ITV Channel TV

A delayed housing development in Jersey has left prospective buyers in financial uncertainty.

The Horizon apartments on St Helier's waterfront were due to be finished at the end of 2021 - but a shortage of labour has been blamed for the move-in date being pushed back to 2023.

The Jersey Development Company has apologised but says it is not their fault and they are doing everything they can to help people out.

Would-be residents say any delay is hitting their pockets as interest rates increase and mortgages could become out of reach.

There is currently no financial compensation on offer so prospective buyers could lose out on thousands of pounds in non-refundable deposits if they pull out.

Home buyer May Bourne explained: "When we committed to purchasing one of the apartments three and a half years ago the mortgage rates were obviously a lot lower than they are now.

"I know from speaking to other people in a similar position to us that they will potentially now not be able to afford a mortgage on an apartment they committed to three and a half years ago."