The Isle of Man Government’s Housing Agency has opened a public consultation on proposed changes to the ‘Shared Equity Purchase Assistance Schemes’, which support first-time buyers hoping to purchase a home.

The government says the aim is to make the schemes more affordable and accessible while ensuring they remain sustainable as the housing market evolves.

The proposals include updating income thresholds and discounted purchase prices in line with current economic data, as well as introducing index-linking so these figures adjust automatically in the future.

The government is also considering extending interest-free periods and increasing the support available through the Choice Scheme.

Another suggested change would reduce residency requirements, allowing newer residents who intend to stay on the island to benefit earlier.

Infrastructure Minister Dr Michelle Haywood MHK said: ‘Access to affordable housing is one of the most pressing issues for our community.

‘These proposed changes aim to make home ownership more achievable for first-time buyers while ensuring the schemes remain fair and financially sustainable.

‘We want to hear from as many people as possible - your feedback will help us shape a system that works for the island now and in the future.’

The review follows a resolution passed by Tynwald in June 2024 requiring the Government to reassess its home purchase assistance programmes and develop a new affordability framework.

Amendment legislation is now being prepared and is expected to come into effect by April 1 2026, with the consultation feedback helping to refine the final proposals.

The consultation is open until January 15 2026. Islanders can take part online through https://consult.gov.im/ or request paper copies from the Housing Agency by phone or email.

The Department of Infrastructure says all responses will be reviewed and summarised for the Housing Agency Board, emphasising that public input will play an important role in ensuring any schemes remain responsive to the island’s housing needs.