What help it has made available to potential first-time home buyers since the First Home Fund closed to new applicants, and what support it…

Answered Asked by Foysol Choudhury Lab Lodged 28 Jul 2021

The question

To ask the Scottish Government what help it has made available to potential first-time home buyers since the First Home Fund closed to new applicants, and what support it provides to them when (a) the average price of a home in their area is above the maximum threshold price for the Open Market Shared Equity Scheme, (b) there are no suitable properties available under the New Shared Equity Scheme and (c) they do not have sufficient time or income to set up a lifetime individual savings account.

The answer

Answered by Shona Robison on 16 Aug 2021 · 19 days after it was lodged, on time

First-time buyers can access a variety of support to become a home owner, including the Help to Buy Smaller Developers Scheme and the Low Cost Initiative for First-Time Buyers (LIFT). In addition, the first-time buyer relief for Land and Building Transaction Tax means that an estimated 8 out of 10 first-time buyers pay no tax at all.
Despite being closed to new applications, the main Help to Buy scheme and First Home Fund continue to benefit first-time buyers across Scotland with settlements occurring throughout this financial year.

In the Official Report

No contribution in the Official Report cites S6W-01952 by reference.