Readers will know that a theme of previous blogs has been the problems faced by first time buyers. I was very interested to read the annual Shelter Affordability Index which shows that despite the impact of the recession on house prices and historically low interest rates, becoming a home owner in Scotland is 75% harder than it was 15 years ago. Whilst I don’t agree with some of the proposals by Shelter in respect of home ownership, which I believe is fundamentally important to our society, I do think that now is the time to implement policies that promote and assist first time buyers in getting onto the housing ladder.
Recent lenders who have put deals out to the market place for first time buyers have been astounded by how quickly these deals have been snapped up. This shows the demand and the necessity for the Government to act now.
If we cannot get first time buyers onto the ladder then the Scottish property market will become unsustainable, with knock-on effects to the wider economy.