Scottish Government vows to help low-income and first-time home buyers

The Scottish Government has vowed to help “as many people as possible” by buy an affordable home in 2023, the housing secretary has said.

Shona Robison, MSP, said the Open Market Shared Equity Scheme could help low-income buyers as well as first-time buyers.

The scheme is open to those buying their first home, as well as buyers aged 60 and over, those living in either council or housing association properties, disabled people, members of the armed forces and those who have left the services within the last two years.

The bereaved partners of those in the forces who have died while in service in the last two years can also benefit from the scheme, which allows people to buy a share of a home – usually between 60% and 90% – with the Scottish Government then purchasing the remaining share.

The Government then receives a share of the money when any home purchased using the scheme is sold on at a later date.

Speaking about the initiative, Robison said: “We recognise the challenges people are facing in this cost-of-living crisis and we want to help as many people as possible to buy an affordable home this new year.

“This scheme puts applicants on a more level playing field with other buyers when purchasing an affordable home.

“Buyers can purchase a share of a property while holding the full title, with the Scottish Government funding the remaining share under a shared equity agreement.”

She continued: “Scotland continues to be a great place to buy a first home and has led the way in the delivery of affordable housing across the UK.

“We have now delivered almost 113,000 affordable homes since 2007, over 79,000 of which were for social rent.

“If you’re from one of the priority groups and would like to own a home, I’d encourage you to consider the Open Market Shared Equity scheme.”