18th February 2025
‘An accelerating problem’
Response by Carl Mavity, Chief Policy & Stakeholder Engagement Officer, Andium Homes
I am writing in response to an article you published on 22nd January ‘An accelerating problem’ which discusses the ongoing ‘bean drain’ in Jersey, where working-age residents are leaving the Island due to high house prices and the rising cost of living.
Your article highlighted how difficult it can be for working families to purchase a home and used the example of Jenny (name changed out of courtesy) a nurse, earning £44,587, married to a teacher, earning £51,530, giving a combined salary of £96,117 before deductions, tax and childcare costs.
The article highlighted that based on an assessment provided by the Mortgage Shop the couple were only likely to be able to achieve a mortgage of around £420,000 and would need a 10% deposit for their purchase. Clearly this is well short of the £800,000 average price of a 3 bedroom home, as reported.
It is absolutely right that in today’s housing market, finding an affordable home can seem daunting. However, there are options available to those who cannot afford the home that they need on the open market. Andium Homes is proud to be able to offer homes for sale at 75% of market value and we have made home ownership a reality for hundreds of buyers over the last few years.
Andium Homes offers a fantastic opportunity for first-time buyers to buy a home, without the need for a deposit. We are confident that Jenny and her partner could fulfil their home ownership dream with us, and would welcome them to come chat with us or anyone else looking at trying to purchase their first home.
Some examples of actual homes we have for sale at the moment are shown below; the figures speak for themselves and clearly show the benefit of buying with Andium Homebuy.
Not only does Andium Homebuy reduce the price the buyer pays, buyers can access better rates at 75% loan to value, and the majority of lenders we work with do not require any deposit.
This can mean that with a 30-year mortgage at a 75% LTV and a 5% interest rate fixed for 5 years, mortgage payments can actually be less than the rent for an equivalent home.
Grasset Park 3 Bed House:
Andium Homebuy 75% of Market Price £450,000
Indicative Monthly Mortgage Payment: £2,413
Equivalent Private Market Rental: £2,500
Le Bel Perree 2 Bed House:
Andium Homebuy 75% of Market Price: £400,000
Indicative Monthly Mortgage Payment: £2,145
Equivalent Private Market Rental: £2,000
Maison Les Arches new build 2 Bed Flat (from):
Andium Homebuy 75% of Market Price: £292,500
Monthly Mortgage Payment: £1,568
Equivalent Private Market Rental: £1,600
Maison Les Arches 1 Bed Flat (from):
Andium Homebuy 75% of Market Price: £210,000
Monthly Mortgage Payment: £1,126
Equivalent Private Market Rental: £1,350
These are just a few of the homes which Andium will have available for sale, over the next 3 years we will be selling an average of 150 homes both existing and new build. This will include new family houses being developed by Andium on sites made available through the Bridging Island Plan. There really should be something suitable for everyone.
If you are interested in seeing what Andium can do to help you on your journey to home ownership, contact our Sales Team today. The team are here to assist buyers throughout the homebuying process. You can visit us in person at our office in Don Street, call us on 500700, or email salesteam@andiumhomes.je.
Further Information
Visit our website now for all the information and to register your interest in one of the exciting homes we have available or are currently building www.andiumhomes.je
Andium is also Jersey’s largest landlord and we are also developing homes for rent, all at 80% of the market rent level, in line with Government policy on social housing rents.
There has never been a better time to consider moving to an Andium Homes rental, to learn more about how to apply and all the benefits of renting from Andium, visit our website at Homes to rent
Notes
Andium Homebuy is a shared equity scheme approved by the Minister for Housing.
Buyers buy 100% of the home they purchase but are required to pay just 75% of the price.
The remaining 25% of the value is retained as a bond against the property and is only repaid when the property next changes ownership. No additional payments are required from the owner until that time.
Andium Homes has homes for sale throughout the year – Andium Homebuy – Homes to buy
We are currently constructing more than 300 homes for sale ranging from 1 bedroom apartments to 4 bedroom houses.
Which Mortgage providers support Andium Homebuy?
Andium Homebuy is supported by all Jersey mainstream mortgage lenders
- Barclays
- Butterfield
- HSBC
- Lloyds
- Natwest
- Santander International
- Skipton International