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Press Release - First time buyers 31.03.2021

Alderney examines ways to help first-time buyers

The States of Alderney is looking for ways to help young people to buy their first home on the Island.

The Island's youngest elected Member, Rhys Jenkins, kept a manifesto promise when he brought up the subject of helping first-time buyers to spread some of the costs of buying a property.

He outlined proposals at last week's Policy & Finance Committee (P&F) that prompted fellow Members to ask officers to investigate options for a practical scheme.

As part of this policy initiative the committee will also seek the views of banks and mortgage providers, amongst others, to help inform the States of Alderney's position as it considers the matter.

And the Island's new Chief Executive, Kath Jones, has pledged to work with Mr Jenkins, who is married with two young children. "I very much look forward to working with Rhys to find the way forward," she said.

Mr Jenkins said: "I'm delighted my ideas were so well received. The next steps are to turn what is essentially an idea at this stage into a formal proposal to put to P&F. It is important to work with other stakeholders to ensure it will work for everyone.

"Hopefully, this will lead to a method that will help first-time buyers enormously but won't be a burden to other taxpayers."

If successful, the scheme could be extended to others such as essential workers, but would not be available to those who already own a property.