The scheme could benefit couples with annual joint incomes

The Housing Authority wants to launch a new so-called Partial Ownership scheme.

Under the initiative, islanders will be able to purchase anything from 40% to 80% of a property from a housing association.

They will then pay a commercial mortgage on the part they own and a rent on the share controlled by the association.

Popular initiative

Such schemes have been in use in parts of the UK for some years, especially in areas where local people cannot afford high house prices.

In parts of Devon and Cornwall, the average home can cost up to 10 times the average local wage.

The Housing Authority predicts the scheme could be of particular benefit to couples with annual joint incomes of between �24,000 and �48,000 a year.

Housing Authority President Deputy Bernard Flouquet said the initiative should be very popular.

He said: "In a housing needs survey we did two years ago, we had a quite number of people who said they would enter into this sort of scheme.

"We believe that there would be a quite few people who would still want to."

If the States approve it, the scheme will be launched under the administration of the Guernsey Housing Association.