Low cost home ownership
There are different Scottish Government schemes available to help you buy your own home.
East Renfrewshire has some of the highest house prices in Scotland. The Office of National Statistics reported for each property type, average prices as of October 2024 in East Renfrewshire were:
- Detached properties: £558,000
- Semi-detached properties: £302,000
- Terraced properties: £229,000
- Flats and maisonettes: £156,000
Please note prices vary across the authority area. The Scotland's land Information Service may provide further insight on house prices by postcode.
If you require a mortgage to purchase your home your first step will be to seek a mortgage 'in principal' from a mortgage lender. Lenders usually request a deposit of between 5% and 25% of the purchase price from customers. Seeking further advice and guidance from a mortgage broker may be beneficial to ensure you find the right mortgage for you.
While rising house prices can put buying a home out of reach for many people, there are schemes available that help some first-time buyers onto the housing ladder.
Low-cost home ownership schemes are usually based on purchase on a shared ownership basis (part rent, part buy) or a shared equity basis where equity finance helps to cover the total cost of the home in addition to a mortgage.
Existing social tenants and first-time buyers are usually given priority on low-cost home ownership schemes. The Scottish Government has a Low-cost Initiative for First Time Buyers (LIFT) which brings together several ways to help households access home ownership.
If you want to buy a new build home from a housing association or local council but can't afford the total cost, you might be able to get help through the New Supply Shared Equity scheme
If you want to buy a home but your income is low, shared ownership lets you own a 25%, 50% or 75% share of a home. The rest is owned by a housing association, and you pay them an 'occupancy charge' to live in it.
Through the OMSE scheme you'll be able to buy a home without having to fund its entire cost and will get help from the Scottish Government.
You'll pay for the biggest share which is usually between 60% and 90% of the home's cost. The Scottish Government will hold the remaining share under a shared equity agreement which it will enter into with you.
If you would like to find out more about this scheme and check whether you meet eligibility criteria click here: Open Market Shared Equity scheme
As of 19 July 2024 the Open Market Shared Equity Scheme is paused for 2024/25 as the budget has been fully allocated
Make an enquiry about low cost home ownership
To enquire about new low cost home ownership developments in East Renfrewshire contact the Housing Strategy Team
Some house builders also offer their own shared equity schemes in new housing developments - this will depend on the development, so you should contact house builders directly where you see a property you are interested in.
