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Tynwald approves a further £9.18m to support First-Time Buyers 18 October 2007

At its sitting this week, Tynwald approved a further £9.18m, to be spent over the next two years, to help first-time buyers purchase a home. The funding will be spent on grants and top-up loans under the terms of the House Purchase Assistance Scheme.

The House Purchase Assistance Scheme was initially approved by Tynwald in 1999 when it only included provision for grants for the purchase of properties on the open market. In 2002 the Scheme was substantially revised to include a provision for supporting the purchase of new “approved” dwellings, to be built to standards and prices set by the DLGE. Since 1999 Tynwald has approved HPAS funding of almost £20.00m which has already been spent on grant support for the purchase of 387 properties on the open market and grants and top up loans for the purchase of 411 “approved” dwellings.

The additional funding will support the purchase of a further 100 open market properties and over 164 “approved” dwellings that are currently being built site or have planning approval.

Juan Watterson MHK, who is the political Member responsible for the Estates and Housing Directorate, said,

“In the near future the Department will be celebrating the one thousandth purchase under the assistance scheme. The Department has a healthy pipeline of approved dwellings in the programme and, subject to planning approvals, over 350 new first-time buyer homes should be completed over the next three years.

Richard Senior, Director of Estates and Housing, said,

“Demand for affordable homes remains strong with the Register recording just under 900 expressions of interest for new approved dwellings. This is after removing 125 applicants from the Register who have been offered homes on the new developments at Johnny Watterson’s Lane in Douglas and Ballaglonney Meadows in Crosby”.

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