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House price falls in Perth hailed as good news for buyers

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Perth is the best place in the UK to get a foot on the housing ladder, according to the council.

They have hailed tumbling house prices — recent research showed prices were down 5.3% in the city — as a positive for house hunters.

Although property prices in the Perth and Kinross region as a whole saw a 6.1% year-on-year increase, the city of Perth itself topped the UK list for the weakest growth in average house prices.

This was attributed to more new houses being built at the lower end of the market in Perth to serve first time buyers as well as older people choosing to downsize.

The Halifax survey which revealed the price of the average house in Perth was £180,687, a minus of £10,126, is part of a wider picture say the council which makes the city an attractive place to find a home.

The council say they are committed to building more quality affordable housing, including social rent, shared equity and low cost home ownership, and the local authority has a multi-million pound building programme in place to support this initiative.

The council is also supporting new builds through housing associations and has already seen more than 500 new homes delivered across Perth and Kinross since 2012.

The local authority currently offer shared equity homes on a discounted cost basis in partnership with Muir Homes at Castleton, Auchterarder, and with Persimmon Homes at Weavers Loan, Kinross. The council will shortly be marketing new shared equity homes at Moyness, Blairgowrie, as part of a Scottish Government  initiative that offers initial purchase from 60% of the property valuation.

Housing and communities committee convener Councillor Peter Barrett said: “This is an excellent way to give people access to the housing they need at an affordable price. Under the shared equity schemes, priority is generally given to first time buyers.

“However, other priority categories include people who have experienced a significant change in household circumstances, those currently serving with HM Forces and veterans, people who own a house which no longer suits their needs and people on a moderate income.”

Individuals on a moderate income must be able to demonstrate their gross annual income is insufficient for them to independently purchase a property to meet their needs on the open market.