Home buying schemes in Scotland exceed original commitment

More than 30,000 households have been helped to buy their home through Scottish Government support schemes since 2007, the latest official figures show.

The majority of these purchasers were first time buyers and young people, who often struggle to get into the property market. Just over a third were families with children.

The Scottish Government has two home ownership schemes; Help to Buy (Scotland) and the Low Cost Initiative for First Time Buyers (LIFT) and has invested over £1.2 billion in them.

Overall, Help to Buy and LIFT have exceeded the Government’s commitment in 2017 to support up to 3,500 households into affordable home ownership, including approximately 2,500 first time buyers.

‘We want to make sure everyone has a safe, warm, affordable place to call home, and creating a fairer housing market will help us achieve that. A home is so much more than just a place to live, it gives a sense of identity, belonging and pride,’ said Housing Minister Kevin Stewart.

‘We know how difficult it can be for many people to save for a deposit and get onto the property ladder, especially without financial support from family and friends. I am pleased these figures show we are supporting young first time buyers onto the property ladder with more than 80% of households being first-time buyers and more than 70% aged 35 and under,’ he explained.

‘These current programmes will be joined by a Scottish Government national pilot scheme to provide support for first time buyers by contributing to the deposit they need when buying their first home,’ he added.

The Help to Buy scheme offers an interest-free equity contribution of up to 15% against the value of a new build home. The Low Cost Initiative for First Time Buyers (LIFT) allows those new to the property market to buy a home without having to fund its entire cost, by providing an interest free equity contribution of up to 40% against its value.