Kezia Dugdale will today set out an ambitious plan to help first time buyers in Scotland.
In her first manifesto pledge ahead of the Scottish Parliament election in May, the Scottish Labour Leader will say “bold action” is needed to help young families catch up otherwise “aspiration will simply pass them by”.
Under the SNP Government the number of people in Scotland aged 34 and younger who have bought their own home with a mortgage has fallen by 15%. Just 28% of those aged 16-34 in Scotland now own their home with a mortgage – the lowest level since the Scottish Parliament was established in 1999.
Scottish Labour’s plan would effectively double the help first time buyers currently receive towards saving for a deposit. A person who currently saves through a first-time buyer ISA up to the value of £3,000 would be entitled to an additional £3,000 from a Scottish Labour Government to help toward the cost of a deposit to buy a property. Under this plan, the average couple each saving £100 a month would be able to save for a £15,000 deposit within three years.