First time buyers across the Highlands and Islands are being encouraged to take advantage of a new Scottish Government scheme designed to help more people purchase their first home.
The First Homes Fund has now opened for applications, offering eligible first time buyers a £10,000 contribution towards their deposit as part of a wider £500 million commitment aimed at making home ownership more accessible.
The fund delivers on a key Scottish Government election pledge and is expected to help around 50,000 households during the course of the current Parliament.
For many aspiring homeowners, saving for a deposit remains one of the biggest obstacles to buying a property, particularly at a time when rising rents, household bills and living costs continue to put pressure on family finances.
The new scheme allows the £10,000 contribution to be used towards the purchase of any property valued at up to £300,000, helping buyers bridge the gap between renting and owning.
Supporters of the fund argue it could be particularly significant for rural and island communities where attracting and retaining younger residents remains an ongoing challenge.
In many parts of the Highlands and Islands, housing availability and affordability continue to be major concerns, with local communities often struggling to retain young families and workers.
Highlands and Islands MSP Maree Todd believes the scheme could help address some of those challenges by making it easier for people to remain within their communities and build long term roots.
Maree Todd said:
“Rising living costs, high rents and wider economic pressures mean that many folk just can’t afford to save for a deposit.
“Too often, this leaves young people and families stuck in the rental market or facing the difficult decision of leaving their communities in search of more affordable housing options.
“The First Homes Fund is a meaningful intervention that can help tackle these barriers, support people out of the rent trap and onto the property ladder.
“In the Highlands & Islands, where depopulation remains a serious challenge, this fund is particularly important as it will help more young people and families to put down roots, strengthening communities and supporting local public services and businesses.
“The SNP committed to delivering the First Homes Fund within the first 100 days of government, and we are making good on that promise.
“I would encourage anyone who is hoping to buy their first home to look at the eligibility criteria and consider applying to the fund.”
The launch of the fund comes amid continuing debate about housing affordability across Scotland, with many prospective buyers finding it increasingly difficult to save while covering the cost of renting.
For those hoping to take their first step onto the property ladder, the scheme offers an opportunity to access support that could bring home ownership within reach sooner than they had expected.
Whether it proves to be enough to ease wider housing pressures remains to be seen, but for thousands of first time buyers across Scotland, including many in the Highlands and Islands, the fund could provide a welcome boost towards owning a home of their own.
For more details on the fund and the application process, visit: www.mygov.scot/first-homes-fund
