16 Jan 2016

First time buyers

I feel really sorry for young people wanting to set up their first home. When I was young, good quality socially rented housing was available. For those who want to buy, houses could be afforded even though the first few years were tough. Now the SNP Government has failed to meet the demand for socially rented housing and most young people are struggling to buy an overpriced first home. Under the SNP Government there's been a fall of 15% in the number of people in Scotland aged 34 and younger who have bought their own home with a mortgage. Many young people are having to pay expensive rents when they would prefer to buy their own home. They just need a bit of support. That's why last week Scottish Labour promised extra help for first time buyers. Under Scottish Labour’s plan, a person who currently saves through a first-time buyer ISA up to the value of £3,000 would be entitled to an additional £3,000 from a Scottish Labour Government to help towards the cost of a deposit to buy a property. For example, in real terms this would mean that the average couple, each saving £100 a month, would be able to save for a £15,000 deposit within three years. It’s important that our young people see economic security and the possibility of owning a home of their own as a reality and not an unaffordable and unrealistic dream.