en.Wedoany.com Reported - The Scottish Government's First Homes Fund, effective from June, applies to properties valued at up to £300,000, with the industry expressing cautious welcome. Several senior housebuilding executives stated that the scheme will provide much-needed support for first-time buyers facing affordability pressures.

Claire Bathgate, Sales Director at Dandara Scotland (which has developments in Aberdeen and East Lothian), said any measure to help first-time buyers in Scotland is a positive sign. Amid ongoing cost-of-living pressures, many first-time buyers report that saving for a deposit is more difficult than ever. She hopes the scheme will be fairly distributed and released in reasonable intervals to avoid funds being exhausted quickly after launch, thereby genuinely helping those eager to enter the market. Bathgate also suggested exempting first-time buyers from all Land and Buildings Transaction Tax (LBTT) on properties, arguing this would bring about more significant change.

Craig Fairfoull, Group Director at Dundas Estates, noted that the scheme supports both new and existing homes and allows buyers to repay the interest-free loan only when the property is sold, which is particularly encouraging. He believes the timing of the announcement is appropriate, as many families face greater affordability pressures following rising fuel costs, and the measure can provide the needed support for aspiring homeowners. Combined with some major UK lenders cutting mortgage rates, the outlook for Scotland's housing market is becoming more optimistic.

Jamie Thomson, Commercial Director at Lochay Homes Limited, added that the average age of first-time buyers in Scotland is currently between 30 and 32, with many having started families and eagerly seeking stable homeownership. While the new scheme will undoubtedly help, some question whether its support is sufficient. He noted that previous Scottish Government schemes offered more generous equity loans of £25,000, whereas the average deposit for first-time buyers now exceeds £43,000, meaning affordability will remain a significant challenge for many aspiring homeowners.

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