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First Time Home Buyers Urged To Take Advantage Of Scheme

House sales ‘logjam’ starts to ease with fewer properties changing hands

First time home buyers and others on low to medium incomes in Highland Perthshire are being encouraged to take advantage of the Open Market Shared Equity Scheme.

The Scottish Government scheme, which is available across the country, allows people to buy their first home without having to pay the full price of the property. Through the scheme, the house buyer will pay the majority of the price which tends to be between 60 to 90 per cent.

Housing Secretary, Shona 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.

“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.”

In August 2022 the schemes eligibility was widened to help put applicants on a more level playing field with other buyers, the people eligible for the scheme are:

  • People aged 60 and over
  • First time buyers
  • Social renter (people who rent from the council or a housing association)
  • Disabled people
  • Members of the armed forces
  • Veterans who have left the armed forces within the past two years
  • Widows, widowers and other bereaved partners of service personnel for up to two years after their partner has lost their life while serving

The threshold for buying a home through the scheme has been raised by nine per cent to reflect the rising house prices across the country. Thresholds are set at the lowest 25% of houses in urban areas and the lowest 50% of houses in rural areas.

To read more about the scheme, visit: https://www.gov.scot/news/supporting-home-ownership-this-new-year/.

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