Partial Ownership is a new form of tenure in Guernsey designed to make home ownership more affordable to local first time buyers who would otherwise be unable to purchase their own home.
Purchasers buy a percentage of the property, between 40% and 80% of the home. The remainder of the value (equity), of the home is held by the Association on which there is a discounted rent charged.
The purchasers can buy an initial % and then at a later date purchase additional shares up to a maximum of 80%.
The purchasers buy the homes on a 125 year lease.
This tenure is aimed at local people who earn too much to be a priority for rented accommodation but too little to be able to buy on the market.
We have now sold partial ownership homes to first time buyers, ranging from 1 bedroom flats to 4 bedroom houses.
We are assessing other opportunities with the States Housing Department to offer more Partial Ownership as we see this as a real chance to provide much needed first time buyer housing.