Page last updated at 15:12 GMT, Tuesday, 28 October 2008

Landmark for house buyer scheme

New build houses on the Isle of Man
First-time buyers can secure grants of up to 25,000

The government has helped its 1,000th first-time buyer onto the Isle of Man housing ladder.

Andy Keelan and his partner Caroline Casey moved into their first flat in Peel after receiving a grant under the House Purchase Assistance Scheme.

Grants of up to 25,000 are available towards the cost of properties below the value of 150,000.

Although Manx house prices have dipped slightly of late the average home still costs about 250,000, a spokesman said.

Programme 'pride'

Unsurprisingly, Department for Local Government and the Environment (DLGE) officials say the scheme remains as popular as ever.

The scheme, approved by Tynwald in 1999, provides grants and top-up loans for houses on the open market, as well as new "approved" dwellings built to standards and prices set by DLGE.

John Shimmin, DLGE minister, said: "The cost of housing on the Isle of Man has risen substantially over the last generation and without the house purchase assistance scheme many Manx residents simply wouldn't be able to buy a home.

"I'm very proud of this programme, and I'm exceptionally pleased that so many people have benefitted from it since it was introduced.

"I hope Caroline and Andy will share many happy years together."

Print Sponsor

Boost for first-time home buyers
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