Angus Council sells out shared equity development
An Angus Council scheme aimed at supporting first time home buyers has proved to be extremely popular, with every property at The Grange in Monifieth sold.
The shared equity project promotes low-cost home ownership and has seen 22 family homes snapped up by qualifying households at discounted rates.
The new residents bought a 60-80% initial stake in their properties, with the option to buy their homes outright in the future. It is a project that mirrors the Scottish Government’s New Supply Shared Equity Scheme.
Angus Council’s communities convener, Cllr Mark Salmond, said “I am really pleased that we are delivering a range of different affordable housing options across Angus, from new-build social rented housing, to shared equity.
“It demonstrates we are serious about providing more choice for our residents when it comes to getting good quality housing that they can afford - not just in terms of the advice we give, but in presenting them with real bricks and mortar options and places they would like to live and be proud to call home.”
Low-cost home ownership is seen as a crucial component of the delivery of affordable housing in Angus. The scheme has helped those on modest incomes into home ownership in Monifieth - a high demand area where many residents are squeezed out by high market values.
The scheme was aimed at first time buyers, although other priority groups, such as older people and disabled households were also eligible. By providing high quality, new build properties for low-cost home ownership, the council said it can reduce waiting lists with housing for those seeking greater security than they would have by renting privately.
The mix of two and three-bedroom properties were built by Taylor Wimpey to realise the affordable housing contribution on their site at Victoria Grange, Monifieth. As agent for the scheme, Thorntons’ new build team, managed applications.
Peter Ryder, managing director from Thorntons Property said: “This development in Monifieth proved exceptionally popular and highlighted the high demand for this type of scheme, which helps buyers get on to the property market. The build quality was of a high standard and the feedback we received from clients after they moved into the properties was extremely positive. It is great to see Angus Council being so proactive and helping local residents with their housing needs.”