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In recent news on the housing market in Scotland, it has been discovered that most first-time buyers have been removed from the Open Market Shared Equity (OMSE) scheme, according to BBC Scotland News. This program, which has allowed buyers to purchase a property at 60% to 90% of its cost, with the government covering the rest, has seen a significant drop in users, prompting concerns about the scheme’s affordability thresholds. While the government has stated that only priority groups such as social renters and individuals with disabilities will now be eligible, critics have labeled this decision as “short-sighted.”
Historically, the OMSE scheme has been a lifeline for first-time buyers with lower incomes who were struggling to enter the property market. However, the latest update from the government has made it clear that unless individuals fall into the specified priority groups, they are no longer eligible to participate in the scheme. This shift has left mortgage advisers and past buyers questioning the government’s decision to exclude first-time buyers, noting their significant contribution to the housing market.
Campaigners have been vocal about the housing crisis affecting many Scots, with issues such as affordability, suitability, and tenancy security at the forefront. The declaration of a national housing emergency by the Scottish government in 2024 aimed to address these issues by increasing housing supply and tackling homelessness. Lucy Moore’s story serves as an example of the challenges faced by first-time
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