First Time Buyers Stamp Duty

The tax free amount on first-time buyer properties should be increased in Jersey to help more people onto the property ladder.

That's the suggestion from Property Lawyer Paul Scally.

Currently, first-time buyers don't have to pay any stamp duty on properties costing less than £350,000, and only pay 0.25% for the rest of the value up to £450,000.

But Paul Scally says that doesn't take into account the increase in house prices over the past decade.

Last time an average price for a three bedroom propertties on the island was below £450,000 was back in 2007 and there appears to be no reflection in the States budget for the increase in house prices.

If the States of Jersey really wanted to help first time buyers get on the property ladder then one of the things they should do, hopefully in the Budget but maybe it's too late, would be an increase in the threshold to accurately address the first time buyer three-bedroomed property, which I think at the moment is about the £500,000 mark.

– PAUL SCALLY, PROPERTY LAWYER
 

But one politician says that the States should try and improve things for first-time buyers by putting a tax on empty houses.

Deputy Sam Mezec says the last census showed there were 3,000 empty homes in the island, and if there was a tax on them, there would be more movement in the housing market.