Tag: Open Market Shared Equity Scheme

Support for people in priority groups to buy a house

Home ownership scheme reopens

A scheme to help people in priority groups buy a home on the open market has reopened for applications.

The Open Market Shared Equity Scheme will be available to people across Scotland who can’t afford the full price of a home from groups which include social renters, disabled people, people aged 60 and over, members of the armed forces and veterans.

Applicants can apply for between 60% and 90% of the property’s value without having to purchase it in full, with the Scottish Government owning the remaining share.

Social Justice Secretary Shirley-Anne Somerville said: “The cost of living crisis, high energy prices, inflation and interest rates make it increasingly difficult for some people to buy their own home.

“We want to give people in the priority groups the same opportunity as other buyers to own their home and I would encourage anyone looking to buy a home to apply to the scheme.

“Giving more people the chance to buy an affordable home also plays a crucial role in reducing homelessness and eradicating child poverty in Scotland.”

Applications to the Open Market Shared Equity Scheme can be made on the Link Housing website.

Scottish Government: Supporting home ownership this new year

First-time buyers and others on low to medium incomes are being encouraged to take advantage of the Open Market Shared Equity Scheme to help buy a home in 2023.

The scheme allows people to buy a home without having to fund its entire cost and is available across Scotland to these people who face particular barriers to the housing market:

  • people aged 60 and over
  • first time buyers
  • social renters (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

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.”

Open Market Shared Equity scheme

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Improvements to shared equity housing scheme

Veterans and disabled people among those to benefit

Changes to a shared equity scheme will mean disabled people, first-time buyers and others on low to medium incomes will have an increased opportunity to buy a home that meets their needs.

From today, the threshold of the Open Market Shared Equity Scheme – which allows people to buy a home without having to fund its entire cost – has been raised by 9% across the country to reflect rising house prices. The scheme is aimed at priority groups who need support to buy their own home.

Applicants will also be able to make offers on properties above the formal valuation amount, where they have funds available. People who have an application in progress do not need to reapply to benefit from the changes.

Housing Secretary Shona Robison said: “These are positive changes which will put applicants on a more level playing field with other buyers when purchasing an affordable home.

“We are well aware of the rise in house prices and we have listened to people’s feedback. That is why we are acting to make the process fairer and to offer a helping hand in challenging times.

“Our evidence-based approach ensures that the scheme continues to be targeted at priority groups and to ensure that, across Scotland, all areas are able to benefit from a viable scheme with a reasonable number of purchases.

“The Scottish Government delivered 111,750 affordable homes between 2007 and 2022, with more than 78,000 for social rent. Progress has started towards our next ambitious target of delivering 110,000 affordable homes by 2032, of which 70% will be for social rent and 10% in remote, rural and island communities.”

Open Market Shared Equity scheme

open-market-shared-equity-scheme-buyer-information-leafletDownload