By Karen Peattie

LORD Willie Haughey, who last week unveiled plans to transform the housing market in Scotland, has revealed that he spent months visiting housing developments around the world, including in Toronto, Philadelphia and Vienna, seeking inspiration for his own ambitious project.

Speaking on the Go Radio Business Show with Hunter & Haughey, he told host Donald Martin that he first starting looking at the nation’s housing crisis two years ago, seeking a solution to help those unable to take their first steps onto the property ladder.

“People can’t get a mortgage or a deposit,” he said, “and I thought there had to be a much better way. I spoke to architects, builders and people in the supply chain, and realised that no-one had ever taken time to speak to tenants.

"Although there is a lot of talk about affordable and social housing, one of the biggest problems we have, especially in the west of Scotland, is in the private rental sector so I’ve decided to use my learning and the technology we have to disrupt the housing and rental market.”

The high-profile entrepreneur said that by subsidising the homes tenants would pay rental of about £700 per month for a property rather than somewhere in the region of £1,800.

Lord Haughey, who has struck a deal to sell a 24 per cent stake in his family-owned City Facilities Management Holdings business based in Glasgow to Scottish property group Ediston for £640 million, will spend more than £1 billion on building 11,000 homes over the next nine years.

He believes that providing better-quality accommodation at lower-than-market rents will help rebalance the provision of new housing stock.

Lord Haughey said his vision was to demonstrate to young people that there is a better housing model than the “my home is my castle” approach.

“If we get this right, in 50 years’ time no-one will bother whether they own their house or not,” he predicted.

Sir Tom Hunter, commenting on Lord Haughey’s plans, said that “when the history books are written there will be a chapter on the Haughey family – and Scotland is lucky to have them”. He added: “This is a game-changer for Scotland. It is looking at a market and putting the customer first.”