Affordable housing is vitally important for our society. The housing market has overheated. The first time buyers schemes are not working in that the amount available is not enough to purchase a house. Banks will not lend money on old properties to enable people to do up a house as and when they can afford it. Tynwald passed a resolution in January to investigate if enough support is available. It has not reported as yet but the loan should be increased in line with prices. The annual income limit for applicants must be increased.
The payment terms and interest rates reviewed for equity loan assistance. A full enquiry into buy to let sales is required and if necessary the passing of legislation that means the purchaser has to live in the house. The current high rental costs put a barrier up to young people returning to the Island. We cannot let our Island become like Cornwall or Wales with second homes and holiday lets taking over.
More social housing that is means tested should be made available with a five year review of contracts for tenants.
