Are you looking to get on the housing ladder in Auchterarder right now? If so have you heard about Perth & Kinross Council’s shared equity home ownership scheme?
The scheme offers people a unique opportunity to buy high-quality housing at an affordable price in new developments being built across the area.
Shared equity two-bedroom homes are currently available in a new-build development at Castleton, Auchterarder, but there are only a few left.
People eligible to buy a home under the scheme are:
- First Time Buyers (or those with a significant change in household circumstances, or someone who is disabled and owns a house that no longer suits their needs).
- People on a moderate income – People who can demonstrate their gross annual income is insufficient to purchase a property to meet their needs unaided on the open market.
The scheme works where the Council can secure housing units at a discounted price from developers, in compliance with their obligation to provide a level of affordable housing in any new developments.
For example, a one bedroom shared equity unit with an open market value of £100,000 in a new development can be secured by the Council for £70,000. Under the shared equity scheme the purchaser would pay £70,000 for the property, take full title to the property and retain 70% of the equity in the home. The Council would retain the remaining 30% equity balance share.
After four years property owners will be given the chance to buy-out the Council’s equity share of their property, so that they own 100% of the property.
If a property is sold while the Council still holds equity, the Council will have a chance to buy it at open market value, discounted by the Council’s equity share. The Council may then nominate a new purchaser who meets the shared equity scheme criteria.
Housing and Communities Convener, Councillor Peter Barrett explained: “This exciting scheme gives local people a new avenue into high-quality affordable home ownership.
“It will give an opportunity to first-time buyers who may otherwise find it difficult to afford to buy a home, and to people who need to move home to suit their circumstances but can’t quite afford a new property.
“This is an excellent way to give people access to the housing they need at an affordable price. Only a few shared equity homes are left at Castleton in Auchterarder so please get in touch if you think the scheme would suit your needs.”
For details on how to apply for the shared equity home ownership scheme please email JAKent@pkc.gov.uk or call 01738 474540.