To ask the Scottish Executive what measures it is taking to help first-time house buyers in 2010-11.
The Scottish Government is planning to spend £48.8 million in 2010-11 to continue helping first time buyers in particular to access home ownership through the Low-cost Initiative for First Time Buyers (LIFT). LIFT provides support through the following low-cost home ownership schemes, which are predominantly targeted at first time buyers on low to moderate incomes:
the New Supply Shared Equity scheme
the Open Market Shared Equity Pilot scheme
the shared ownership scheme
GRO grants for owner occupation (provided through private developers)
Rural Home Ownership Grants.
As well as funding housing associations to provide new homes, the New Supply Shared Equity scheme now also includes a new innovative trial being funded in partnership with private developers.
In addition, the Scottish Government has pressed the UK Government to ensure that an exemption from stamp duty land tax on properties bought for less than £250,000 was implemented to help first time buyers to purchase a home.
An evaluation of the main LIFT schemes is being carried out this year to help inform how support for first-time buyers should best be targeted in future.