PKC of­fer­ing a leg up for house buy­ers

First time and lower in­come boost

Perthshire Advertiser - - FRONT PAGE - Paul Cargill

Perth and Kin­ross Coun­cil is of­fer­ing peo­ple strug­gling to get on the hous­ing lad­der the op­por­tu­nity to buy a brand new house at an af­ford­able price.

Two-bed­room prop­er­ties built by Per­sim­mon Homes at Weaver’s Loan in Kin­ross are be­ing made ex­clu­sively avail­able to first time buy­ers as well as those on mod­er­ate in­comes through the coun­cil’s shared eq­uity home own­er­ship scheme.

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 a 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 per cent of the eq­uity in the home. The coun­cil would re­tain the re­main­ing 30 per cent eq­uity bal­ance share.

Af­ter four years prop­erty own­ers will be given the chance to buy out the coun­cil’s eq­uity share, so that they own the prop­erty 100 per cent. 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.

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.

For more in­for­ma­tion on how to ap­ply for the shared eq­uity home own­er­ship scheme email Lor­raine. Clel­land@per­sim­mon­homes.com or call 07912 667934.

For more in­for­ma­tion on the shared eq­uity home own­er­ship scheme con­tact PKC’s af­ford­able hous­ing en­abler Camp­bell Hall on 01738 476405 or Chall@pkc.gov.uk

Af­ter four years prop­erty own­ers will be given the chance to buy out the coun­cil’s eq­uity share

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