FIRST Minister John Swinney has promised to deliver “concrete help” with support for first time buyers.
Details of a scheme supporting individuals and families to own their first homes will be outlined in a ministerial statement to the Scottish Parliament later on Wednesday.
The statement is expected to set out how the First Homes Fund will offer financial support to first time buyers, helping them put down a deposit on a property up to the value of £300,000.
Swinney said the scheme will help first time buyers “break the rent trap and invest in their futures”.
Swinney and Social Justice and Housing Secretary Shirley-Anne Somerville will visit a housing development in East Lothian on Wednesday ahead of the statement to see progress in increasing housing supply.
The First Minister said: “Home ownership is key to building successful communities and offering people security for the future.
“The First Homes Fund will support families to set up a home and enable workers to stay in the places they serve.
“We know the cost of living crisis and high rents have put real pressure on peoples’ abilities to put money aside each month to save for a deposit.
“This has left many people, particularly the younger generation, unable to take the first step to property ownership.
“Through the First Homes Fund, my Government will put concrete help in place to enable people across Scotland to buy their first house or flat.
“From rural areas where supply of homes is most constrained, to urban areas where rents are highest, this fund will help first time buyers break the rent trap and invest in their futures.
“I promised that we would support first time buyers – and we will deliver.”
