Partial-ownership homes 'unrealistically valued'
ALDERNEY HOUSING ASSOCIATION has been accused of substantially over-valuing its affordable housing units so as to render them practically unsellable.
Former estate agent and States member Francis Simonet alleged the five properties offered for partial ownership were on sale for around 20 per cent more than their actual value.
While admitting that they currently had only one serious buyer lined up – the rest of the properties are set to be rented out on a short-term basis – a spokesman for the association insisted the partial ownership units were properly priced.
The allegations were made at this month's States of Alderney meeting, when members debated an item in the Billet which asked them to waive the four per cent leasehold duty that purchasers were obliged to pay.
Guernsey's Treasury and Resources has already removed the obligation for Guernsey Housing Association participants and the Policy and Finance Committee approved a similar measure in Alderney. The request came as a late addition to the Billet.
The five partial ownership properties were completed last April and comprise a mixture of two bedroom flats, priced between £215,000 and £220,000, and three bedroom terraced homes priced between £275,000 and £280,000. Eligible buyers can purchase 40-80 per cent of their value and they can be sold back to Alderney Housing Association for whatever their market value is at that point.
