Stevenson Welcomes £24 Million Lift for First-Time Buyers

Banff & Buchan MSP Stewart Stevenson has welcomed the news that the Scottish Government is investing £24 million to help more first-time buyers get into the property market.

The new funding, announced by Communities and Sport Minister Stewart Maxwell, will see the extension, and improvement, of the open market shared equity pilot which currently operates in Edinburgh and the Lothians. The extended scheme will now be available to first-time buyers in Aberdeenshire.

The affordable housing programme, which is part of the Government’s new Low-cost Initiative for First-Time Buyers (LIFT), will help more people on low incomes buy a home on the open market, with the help of a housing association.

Speaking on the benefits for Banff & Buchan Mr. Stevenson said:

“Many people on low incomes in Banff & Buchan find it extremely difficult to afford to buy their first home. That is why I am delighted the SNP Government has improved the targeting of this scheme to ensure tenants of councils and other social landlords are aware of, and have access to, this shared equity pilot.

"Many young families and individuals in Banff & Buchan have raised concerns with me about the difficulties of getting on the housing ladder. This investment marks a significant improvement in fortunes for first time buyers and should also help make available more social housing as families secure their own home.

"I hope that the Westminster Government is paying attention to this initiative and that they will take the economic action necessary to further improve the situation for first time buyers in Banff & Buchan and across Scotland."

Speaking at the launch of the extended scheme the Minister, Stewart Maxwell said:

“The Scottish Government is committed to increasing the supply and availability of affordable housing, across all tenures, throughout the country.

“This 24million investment to expand and improve our open market shared equity pilot will help more first-time buyers in rural and urban areas get into the property market.”
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Notes for editors:

The LIFT Open Market Shared Equity Pilot is part of a range of assistance to help people buy an affordable home as identified in the Scottish Governments discussion paper Firm Foundations. Firm Foundations seeks views on some of the other components of LIFT and ways to expand support for first-time buyers

Limits will be set on the price of property that can be purchased through the open market shared equity pilot. These limits will be available at www.communitiesscotland.gov.uk/lift and will be reviewed regularly to reflect current house price trends.

The stake taken by the purchaser will normally be determined by the maximum mortgage that can be raised plus any personal contribution that the purchaser is able to make. If this was 70,000 on a property valued at 100,000 then a 70 per cent stake would be held by the purchaser.

Housing associations are building new supply shared equity properties throughout Scotland under the New Supply Shared Equity scheme also part of the LIFT initiative. Details of New Supply Shared Equity homes planned or under construction are available from Communities Scotland area offices.