50,000 first-time buyers supported in this parliament
The first round of applications for a First Homes Fund will open by the end of June, providing first-time buyers with a £10,000 contribution towards a deposit on their first home.
The shared-equity scheme will be open to all prospective owners looking to make their first step on to the property ladder, with a limit of £300,000 on the value of the property purchased.
It is expected the first phase of the fund will support 2,000 households over the first 100 days of this Government and 50,000 over the course of this Parliament.
Cabinet Secretary for Social Justice and Housing Shirley-Anne Somerville confirmed the scheme’s opening to the Scottish Parliament yesterday.
Ms Somerville said: “For too many people across Scotland, particularly younger people and first-time buyers, home ownership has felt increasingly out of reach. In communities the length and breadth of our nation, we are hearing the same story; people saving what they can but finding that the cost of a deposit is simply too great a barrier.
“That is the context in which this Government will act. This is a direct response to the experience of people across Scotland. We have listened and are taking fast, decisive action.
“The Fund sits within a broader programme of action and supported by a record £4.9 billion investment in affordable housing over the next four years.
“We promised we would support first time buyers and we are delivering.”
