The Scottish Government is urging first-time buyers and those with low to middle-class salaries to benefit from a discount programme to aid them in purchasing a home in 2023. The Open Market Shared Equity Scheme, which is offered to persons buying their first house and members of a priority access group throughout Scotland, enables people to purchase a home without having to pay for it entirely.
This includes first-time homebuyers, buyers 60 and older, individuals residing in council or housing association homes, those who are disabled, members of the military forces, and those who have just left the services.
The programme, which enables people to buy a share of a home - often between 60% and 90% - with the Scottish Government then acquiring the remaining share, can also benefit the bereaved partners of those in the forces who have died while on duty in the previous two years.
When a residence purchased through the programme is eventually sold, a portion of the proceeds goes to the Scottish Government.
Housing Secretary Shona Robison commented on the new programme, saying: “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 added: “Scotland continues to be a great place to buy a first home and has led the way in delivering 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.”