Policy
Deliver Affordable Housing and Open-Market Support
Reform the existing First Home Choice scheme to assist with upfront lender deposit requirements and initiate a formal amendment to Housing Policy 5 within the Strategic Plan (Source: Isle of Man Strategic Plan, Section 8.6) to mandate that a portion of the 25% affordable housing requirement on large developments is built directly as public sector rental stock for local housing authorities.
Affordability is the main barrier keeping young families and returning graduates on-island.
While raising the income tax personal allowance to £17,000 provides take-home relief
(Source: Isle of Man Budget Statement), upfront home deposit requirements remain high.
I will advocate for reforming the existing First Home Choice scheme so government equity
support directly assists local buyers in meeting upfront lender deposit thresholds.
We also need to reform how Housing Policy 5 within the Strategic Plan is delivered
(Source: Isle of Man Strategic Plan, Section 8.6).
Rather than allowing private developers to fulfill their 25% affordable requirement solely through starter sales or cash-in-lieu
contributions, we must work constructively with builders so a portion is allocated directly as
Local Authority public sector rental housing. Population growth targets (such as the
100,000 target by 2037) must be strictly linked to an infrastructure capacity audit across
healthcare, schools, and utilities.
Every young family deserves the best chance we can give them, and as rising living costs
increasingly deter people from starting families, our country must step up to give young
couples the best possible start.