A new housing scheme has been announced which aims to make it easier for first time buyers to get onto the property ladder.

The new Affordable Housing Equity Share scheme, backed by Hertsmere Borough Council executive this week, aims to provide more homes for people in the borough.

Housing will be sold for part of its value, with no rent payable on the remaining element and there would be no time limit on the buyer to move out or purchase the remainder of the property.

The remainder of the property’s equity would be owned by the council, which members hope will make it cheaper for people to buy homes.

Councillor Seamus Quilty said: “This scheme is really going to help local people who have had problems getting on to the property ladder.”

The council hopes to increase the amount of housing in the borough as well as increasing the amount of affordable housing within limited resources.

The new scheme is one of several being used by Hertsmere Council help increase the volume of affordable housing such as shared ownership and social rent.