Questions over first time buyer scheme

Tynwald buildings, Douglas

Tynwald buildings, Douglas

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A total of 25 homes – including two four-bedroom properties – were bought on the open market this year with the help of the government’s first-time buyers’ schemes.

Questions about the schemes were raised in Tynwald by Lib Van MHK Peter Karran (Onchan). In his written reply, Infrastructure Minister Phil Gawne said there had been more activity in 2015-16 than in recent years, with 25 open market purchases approved or completed with assistance totalling £1.1m as at November 30. Two of these homes had four bedrooms.

In total 49 applicants have had help from the new scheme, totalling £1.5m paid or approved as at the end of November. Mr Gawne said the schemes intended to provide a foot on the property ladder for qualifying first-time buyers.

They do not preclude the purchase of larger properties but are not intended to support the purchase of property that significantly exceeds the buyer’s basic housing requirements.

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