First Time Buyers
The Scottish Parliament has put aside £24 million of tax payers to give first time buyers a step up on the housing ladder after a successful pilot scheme in Lothian.
Certain councils with higher than average property prices have been asked to join the scheme which allows buyers to buy a 60% to 80% stake in a property with a housing association paying the rest. The terms of this agreement have not been stated, is there a maximum spend or a minimum spend and are there any other restrictions? More as we get the details.
There was a 20 year low in first time buyers in 2007, with prices still rising in areas such as Glasgow and Edinburgh to record levels.
This scheme will most likely be extended to the rest of the UK in time, but for the moment places like Perth, Stirling and Aberdeen will see more first time buyers than previously.