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WOODVILLE HOTEL SITE, ST. HELIER: SALE OF FLATS (P.123/2001) - COMMENTS _______________
Presented to the States on 28th August 2001 by the Finance and Economics Committee
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STATES OF JERSEY
STATES GREFFE
180 2 0 0 1 P . 1 2 3 C o m .
Price code: A
Comments
The Finance and Economics Committee reluctantly supports the proposition as the completed flats will shortly be ready for occupation. For its part, the Committee would not wish to see much-needed accommodation left unoccupied.
The Committee is, however, concerned that the method of arriving at a selling price will not be viable when considering future first-time buyer developments (such as the Albert Pier development) and should not be considered as a precedent for such sales.
The Committee is also concerned that the method of selecting prospective purchasers does not include a mechanism for excluding those individuals who have the means to purchase first-time buyer properties in the open market. There is a cost to the taxpayer in providing first-time buyer properties and the Committee believes that the sale of those properties should be targeted to persons who would otherwise seek States assistance in obtaining accommodation. The Committee is unsure whether the proposals regarding the onward sale of properties to future first-time buyers will be effective in stabilising prices.
The Committee is disappointed that the Housing Committee has not yet come forward with a policy regarding subsidies as it was requested so to do some 12 months ago.
The Committee would like to hold further discussions with the Housing Committee to agree a policy for dealing with such matters as the means-testing of first-time buyers, onwards sales and a possible shared equity scheme.