Initial proposals were outlined at a meeting with the island's senior committee - Policy & Finance Committee - and prompted the politicians in charge of the purse strings to ask officers to "investigate options for a practical scheme."

The committee will also seek the views of banks and mortgage providers, among others, to help inform practical changes. While the proposals are yet to be fleshed out, is understood that the scheme will apply specifically to first time buyers. They could, at a later stage, be extended to others, including essential workers. 

“I’m delighted my ideas were so well received," said Mr Jenkins. "The next steps are to turn what is essentially an idea at this stage into a formal proposal to put to P&F. It is important to work with other stakeholders to ensure it will work for everyone.

“Hopefully, this will lead to a method that will help first-time buyers enormously but won’t be a burden to other taxpayers.”

The island’s new Chief Executive, Kath Jones, has pledged to work with Mr Jenkins to "find the way forward". Guernsey is facing its own affordable housing crisis, with just 24 'affordable' homes built last year and the Guernsey Housing Association currently short of land to build on. 

Pictured: Alderney Chief Executive Kath Jones is reportedly keen to get behind the first time buyers initiative.