A NEW rent-to-buy housing scheme will be launched this summer to provide tenants in Newton Mearns with an affordable way to buy a new-build home.

It is being delivered by Birmingham-based investment agency QSH which specialises in connecting UK based investors and housing providers.

The Newton Mearns scheme will be the agency's first in Scotland but in the next few year it plans to target £250million to deliver 2000 homes, many of them in Scotland.

The development will be made up of 42, two bedroom apartments with tenants paying rents which are two thirds of the local market rent.

Half of each rental payment will automatically be put towards a deposit to secure a mortgage to buy the home.

Tenants will have the option to buy their property between their first and fifth year of living there.

Those of opt to buy will receive a discount of up to 10% of its open market value.

However, those who choose not to purchase during this time can continue renting their homes for a further 15 years.

It is hoped work on site will begin in June this year with the first residents ready to move into their new homes in spring next year.

Steve Partridge, finance and investment director at QSH, said: "The QSH development provides homes for those who might not otherwise be able to access affordable routes to home ownership in this popular area.

"It allows households that want to buy a home but just can't afford to save enough money, the chance to build a deposit and credit history."

East Renfrewshire Council housing convener Danny Devlin said the development would provide much needed affordable homes in the area.

He added: "With some of the highest house prices in Scotland and a real shortage of affordable rented homes, many people simply cannot remain living locally.

"East Renfrewshire is committed to working with developer to increase the supply of affordable homes to local people."

The properties will be built just off Stewarton Road by QSH's business partner Wates Living Space.

Company interim regional director Mick Holling, said: "We recognise the environment where people live makes a tremendous difference their quality of life and wellbeing and we are very proud to be working with QSH to help deliver this."