Perth and Kinross Council has launched a shared equity home ownership scheme to help people get on the housing ladder.
The scheme gives people access to purchase housing at an affordable price in some new developments being built across the area.
The first shared equity homes under the scheme are available at a development at Castleton, Auchterarder.
The scheme works by the local authority securing housing units at a discounted price from developers.
A council spokesman said: “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.”
People eligible to buy a home under the scheme are first-time buyers or someone who is disabled and owns a house that no longer suits their needs. And people who can demonstrate their gross annual income is insufficient to purchase a property can also apply through the initiative.
After four years, property owners will be given the chance to buy out the council’s equity share of their property, so they own 100% of it.
Councillor Dave Doogan, Perth and Kinross Council’s housing and health convener, said: “This innovative new scheme is another way we can help local people into high-quality affordable housing.
“It will give a leg-up to first-time buyers who may not be able to afford to buy a home under normal circumstances, and to people who need to move home to suit their circumstances but can’t quite afford a new property.”
For details on how to apply for the shared equity home ownership scheme, email JAKent@pkc.gov.uk or phone 01738 474540.