Scottish First_time_buyers: GBP24m Government Package
Published / Last Updated on 20/02/2008
Scottish first time buyers are to be given financial assistance in a government package.
The Scottish Government has given a £24m funding package of grants and shared equity schemes to help those on low incomes get a foot on the property ladder. The Open Market Shared Equity Scheme previously trialled in Edinburgh and Lothians allows people to buy a home on the open market with the assistance of a housing association.
The announcement comes just a few weeks after it was revealed that the number of first-time-buyers in Scotland has fallen to a 20 year low due to the country’s sustained house price boom.
Our view
This is a blue print to get more people on the housing market. It will ultimately fuel the continued ‘property gravy train’. We suggest this is a false economy as property in the UK is intrinsically overvalued.
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