First-time buyers can purchase homes at a new Dundee housing development on a shared equity basis.
Caledonia Housing Association (CHA) is developing a site at Ballindean Road in Dundee. In total it has 67 homes – 43 houses and 24 flats.
Of these, 49 properties will be available for social rent with the remainder going up for sale.
The 18 homes include two, three and four bedroom properties on sale from £160,000 to £200,000.
All the homes will come with solar panels, heat pumps and triple glazing and the rented units will also benefit from battery electricity storage.
How does shared equity scheme work?
The Ballindean Road project is part of the New Supply Shared Equity (NSSE) scheme.
It is open to to first-time buyers and these priority access groups:
- People aged 60 and over
- Social renters (people who rent from the council or a housing association)
- Disabled people
- Members of the armed forces and veterans who have left the armed forces within the past two years
- Widows, widowers and other partners of service personnel for up to two years after their partner lost their life while serving
The NSSE scheme is also available to people who have previously owned a home and have experienced a significant change in circumstances – for example, a marital breakdown.
Through the scheme people have to fund the largest share of the home’s cost – between 60% and 80%.
The Scottish Government holds the remaining share under a ‘shared equity agreement’.
Homeowners can increase their share in future years. If they sell in the future, the Scottish Government will get a share of the money.
Dundee development
The £12.7m Ballindean development, constructed by Cullross, is on schedule with the first handover of 12 homes in early 2024.
The rest of the project is due for completion by December 2024.
It is one of three major Dundee developments Caledonia has under way.
Andrew Kilpatrick, director of assets at Caledonia Housing Association, said: “The release of 18 new homes in Ballindean is a fantastic opportunity for people who are looking to buy a new build home in Dundee.
“The development is of the highest standard with quality and sustainability at its heart in the community.
“CHA is acutely aware of the challenges that people face in trying to purchase their own home for their family and this has become an even bigger challenge in the last year.
“We are thrilled to be able to release a quarter of the Ballindean development as shared equity which reduces the financial pressure and enables people to take that step on to the property ladder.”
Conversation