Harcroft scheme under scrutiny

Select committee to investigate failed equity scheme

Homeowners who lost out to a failed Government Equity Scheme are to receive answers after almost fifteen years.

The Harcroft Meadows project saw some 80 properties sold to first-time buyers in 2001, with Government keeping a 30 per cent share of their value.

But a sharp rise in house prices meant owners faced losing out if they sold or renovated their homes.

Now Tynwald has agreed to the formation of a Select Committee to investigate the issue.

Douglas South MHK Bill Malarkey explains how the situation came about: