Government to help more young people onto the property ladder

The Isle of Man Government says it will boost financial support for first-time buyers to tackle the Island’s housing shortage.

Chief Minister Alfred Cannan told the Government Conference yesterday it’s committed to creating 1,000 extra homes by the next election in 2026.

Currently, it offers two shared equity schemes, providing loans of up to 30% of a property’s price depending on income, but plans are in place to raise loan amounts and widen eligibility.

He added the ‘Choice’ scheme will be expanded to help more people buy on the open market.