Scotland is encouraging first-time buyers and others on low to medium incomes take advantage of its Open Market Shared Equity Scheme.

The scheme allows people to buy a home without having to fund its entire cost. It is available across Scotland to would-be buyers who face particular barriers to the housing market. These are identified as 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, and widows, widowers and other bereaved partners of service personnel for up to two years after their partner has lost their life while serving.

‘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’, said Housing Secretary Shona Robison.

‘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’.

Eligibility for the of the Open Market Shared Equity Scheme was widened In August 2022. The purchase thresholds have been raised by 9 per cent across the country to reflect rising house prices and now stand at the lowest 25 per cent of house prices in urban areas and the lowest 50 pr cent of house prices in rural areas.