Buy-to-let investors snap up development's homes

Almost half of the homes sold in a Jersey property development so far have gone to buy-to-let investors, a government minister has said.

Deputy Elaine Millar, Treasury and Resources Minister, said 129 of the 276 homes sold in the States of Jersey Development Company's (SoJDC) Horizon project in St Helier had been bought by people looking to rent their property.

She said 88 of the properties at the development, which would have 280 homes once completed, had been sold to first-time buyers.

Millar, who was responding to a question from Deputy Max Andrews, added the States of Jersey had issued guidance to SoJDC in a bid to have fewer homes sold to buy-to-let investors at other developments.

Millar also provided figures for SoJDC's College Gardens development.

She said all 187 properties had been sold with 89 of these going to first-time buyers while 43 had gone to buy-to-let investors.

Millar said guidance given to SoJDC included ensuring buy-to-let investors are prevented from acquiring units at the initial point of sale for the planned South Hill development.

She added guidance given for its Waterfront development included a minimum provision of "no less than 50% of the homes to be offered with an assisted purchase product for first-time buyers".

"Given the clarity and restrictions that have already been applied to SoJDC as a result of the aforementioned States debates, the minister does not believe there is any need for further restrictions," Millar said.

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