Open Market Shared Equity thresholds raised by 9%

The Scottish Government has raised the threshold of the Open Market Shared Equity Scheme, to reflect rising house prices.

From today (17 August), the maximum threshold price – the upper limit for properties to qualify for the scheme – has been raised by 9% across the country. The actual threshold varies depending on prices in the local area.

The scheme is aimed at priority groups who need support to buy their own home, including first time buyers, the over 60s, disabled people, members and veterans of the armed forces, and social renters. Purchasers usually pay between 60% and 90% of the price, with the Government paying the balance and taking a proportionate equity stake in the property.

Applicants under the scheme will also be able to make offers on properties above the formal valuation amount, where they have funds available. People who have an application in progress do not need to reapply to benefit from the changes.

Housing Secretary Shona Robison said: "These are positive changes which will put applicants on a more level playing field with other buyers when purchasing an affordable home.

"We are well aware of the rise in house prices and we have listened to people’s feedback. That is why we are acting to make the process fairer and to offer a helping hand in challenging times."