Jersey's Housing Minister pledges £10 million to help first-time home buyers

Jersey's government has pledged £10 million to get first-time buyers onto the property ladder.

The island's Housing Minister hopes the move, due to be formally announced in September, will boost a slowing market.

Deputy David Warr explained: "A few years back, £10 million was set to one side to assist people to purchase their homes.

"It's always been not quite the right time to use it, but my idea is there's never a wrong time for this kind of thing and actually today it's even more sensible to think about stimulating the market and how we can get people into home ownership."

Mr Warr adds that discussions over the exact way this money will be distributed are ongoing with input expected from the Council of Ministers and the wider States Assembly.

It comes after the average cost of buying a home in Jersey dropped for the first time in seven years to £666,000, still more than double that of the UK.

The island's House Price Index also revealed that 42% fewer properties changed hands between April and June 2023 when compared to the same period in the previous year.

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