The Department of Social Care expects to assist over 120 first-time buyers this financial year ending 31st March 2011, which is more than in any previous year. This figure is comprised of 3 elements. Firstly, by the end of this financial year the Department will have completed over 90 new first-time buyer properties. Secondly, the Department has also assisted 11 first time buyers to purchase properties built by private developers. Thirdly, the Department has re-purchased 13 nearly new (less than 10 years old) properties previously built for the Department and then re-sold them to purchasers selected from the first time buyer register. The second and third figures are expected to rise further between now and 31st March 2011, hence the Department believes the estimated total of 120 is a prudent one. As a result, at the sitting of Tynwald in January the Department will be asking Tynwald for approval for ?2.8M additional Capital funds for the House Purchase Assistance Scheme 2007 which forms part of the Department’s strategy to meet the Island’s needs for affordable housing. The scheme is funded from the Housing Reserve Fund. Minister for Social Care Hon Martyn Quayle MHK commented: “Since 2000, my Department’s House Purchase Assistance Scheme has enabled 1100 individuals and families to buy their first home, something many could not have achieved without our help. The Scheme provides grant assistance, low-cost loans and a substantial discount in the property price compared to open market value for eligible first-time buyers such that the total support per household can reach ?100,000. My Department is not aware of a scheme anywhere else in Europe with such a high level of assistance. Combined with Government’s investment in public sector rented housing which is described in a separate news release, this shows my Department and this Government remain committed to helping to provide affordable housing for the people of the Isle of Man.” In this financial year the Department has completed developments at Archallagan Terrace in Foxdale, Cronk Grianagh in Braddan, The Steadings in Douglas and at Ballacottier in Braddan. Further completions are expected at Church View in Lonan. In addition to these properties, the Department has also helped other first-time buyers to purchase properties on the open market. Currently IOM Government Budget (referred to as the ‘Pink Book’) includes a budget of ?2M approved by Tynwald for 2010/11 for the House Purchase Assistance Scheme. The Department anticipates that the total commitment for the Scheme expenditure in this financial year could reach ?4.8M leaving a shortfall of ?2.8M for 2010/11. The budget for the Scheme is profiled over five years of the Capital programme. The Department is proposing to maintain the total cost over the five-year period by increasing the budget for the current financial year by ?2.8M and then reducing planned expenditure in years two to five by an equivalent amount. - Ends -