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Changes to first-time buyers joint equity scheme required

Tuesday, 7 July 2015 06:36

MHK picks up Tynwald petition

An MHK says he'll pick up a Tynwald petition laid by homeowners to fulfill an election promise.

Bill Malarkey wants changes to the first-time buyers joint equity scheme on the Harcroft Meadows Estate.

Government currently retains a percentage stake in properties as part of the initiative.

It's argued government unfairly benefits from any rise in house values without taking into account what owners have spent on improving their homes.

Mr Malarkey says this discourages investment:

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