Isle of Man parliament opens up house purchase scheme

Related Stories

The Manx parliament, Tynwald has opened up the Isle of Man's house purchase scheme to people on higher incomes.

The eligible income for Manx residents applying for assistance has risen from £25,000 to £35,000.

The minimum grant has also gone up from from £3,000 to £5,000.

Social Care Minister Martyn Quayle said: "By increasing our support my Department will help first-time buyers and encourage them to purchase in the next year."

He added: "This will stimulate the housing market, helping others to move further up the housing chain, which in turn will stimulate spending in the local economy and so help to protect jobs.

"We estimate that it should help an additional 125 to 150 house moves over the next year, generating economic activity worth approximately £2,000,000."

The change takes effect immediately and will be in force for a fixed period until July 2012.

The average house price on the Isle of Man is over £270,000, nearly double the average in the North West of England.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

BBC Isle of Man



Min. Night 15 °C


  • Children in Africa graphicBaby steps

    Why are more children in Africa living beyond five?

  • Olive oil and olivesFood myth

    Did 1950s Britain get its olive oil from a pharmacy?

  • Rio Ferdinand and David Moyes'Playing to win'

    Memorable quotes from sporting autobiographies BBC Sport

  • Hand washing to contain Ebola in LiberiaEbola virus

    More action is needed to tackle Ebola, say experts

  • shadow of people kissing on grassOutdoor love

    Should the police intervene when people have sex in public?

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.