South Hams District Council has launched a new pilot scheme to help local people get on the housing ladder and boost the number of homes available at an affordable rent.
The local authority’s Step On grant will offer up to £5,000 to help anyone currently renting a social housing property with the deposit needed to purchase up to 30% of a shared ownership home.
Initially £60,000 has been allocated to the scheme, funded through the government's New Homes Bonus Grant.
Cllr Judy Pearce, leader of South Hams District Council, said: ‘We all know that steep house prices and a shortage of homes for rent mean many local people are struggling to find a home. We have shared ownership homes being built around the district to meet local needs. However, with house prices and the cost of living going up, we know that finding the money for a deposit is keeping this just out of reach for some.
‘We need bold, innovative solutions if we are going to make a positive difference. With this scheme we're looking to give practical help to those people who would like to buy their own home but have not been able to save the deposit.
‘By providing up to £5,000, which will not need to be paid back, we can give local residents a helping hand to step on the housing ladder. This in turn, would allow their homes to become available for re-let to a household on the housing register, helping us to help even more people.’