The initial phase of the Scottish Government scheme, which provides first-time buyers a £10,000 contribution towards a deposit has now been launched.

It is anticipated that approximately 50,000 households will benefit from the £500 million scheme, over the course of this parliament. 

The funding can be used to purchase any property that does not exceed a value of £300,000.

Shirley-Anne Somerville, cabinet secretary for social justice and housing said: “We know how hard it is to get that first foot on the property ladder and the opening of this fund is a direct response to stories I have heard from so many people who are keen to buy their first home.

“The First Homes Fund is part of a broader programme of action, supported by a record £4.9 billion investment in affordable housing over the next four years.

Jane Wood, chief executive for Homes for Scotland (HFS), said: “Reintroducing the First Home Fund was a key HFS ask ahead of the election, so we welcome this important step from the Scottish Government. 

“Supporting First Time Buyers is essential, not only in helping to address Scotland’s existing housing need, with 693,000 households affected, but also in stimulating wider socio-economic growth across the country by unlocking investment confidence across the sector, particularly in areas where development viability can be more marginal and help increasing delivery of housing of all tenures where it is needed most.”

Wood added: “HFS is ready to help support the efficient delivery of the Fund so that all stakeholders, particularly those young people buying their first home, are ready and prepared for the launch of the scheme.”