Government support for first-time buyers in the Isle of Man has led to more than 60 properties being bought during the past two years.
Over £1.5 million in loan assistance has been provided through schemes designed to help people get on the property ladder.
The Public Estates and Housing division of the Department of Infrastructure assisted 26 first-time buyers during 2022-23. This included 24 new build properties through the ‘First Home Fixed’ scheme, at Farmhill Grange in Douglas, Glenfaba Rise in Peel and Reayrt Mie in Ballasalla, as well a further two properties bought on the open market via the ‘First Home Choice’ Scheme.
The current financial year, 2023-24, has seen even more success, with 34 first-time buyers using the ‘First Home Fixed’ scheme to buy properties at Reayrt Mie in Ballasalla, Auldyn Walk in Ramsey and The Meadows in Castletown, and two more using the ‘First Home Choice’ Scheme to buy on the open market.
Infrastructure Minister Tim Crookall MHK said: “The housing team are making a real difference for first-time buyers in the Isle of Man, providing advice to people about the available schemes and supporting them as they take that first step into the property market.
“Looking at the figures over the past two years, the House Purchase Assistance Fund is succeeding in recycling income generated from repayments of previous loans and grants. While a considerable amount is used to provide loan assistance for those eligible for the different schemes, the net income surplus at the end of each financial year is reinvested into the Housing Reserve Fund and used to provide or refurbish affordable housing in the Island.”
Financial assistance is available to eligible first-time buyers through two shared equity schemes. This is done by providing an equity loan, up to a maximum of 30% of the property purchase price. In return, the Department takes an equivalent share in the value of the property.
To obtain assistance through the First Home Fixed Scheme, people should firstly apply to be included on the Register of First Time Buyers. Once on the Register, they may be considered for specific properties, sold at a discount price, which become available in areas of the Island they are interested in.
The First Home Choice Scheme enables people to use a shared equity loan from the Isle of Man Government to buy a property on the open market. The property must cover at least 55 square metres floor area and include a separate bedroom and bathroom.
