Scottish Govt Confirms New Help-To-Buy Scheme

The Scottish Government has confirmed it will invest £195m over the next three years on a new shared equity scheme. The project will help some 6,500 households to purchase a new-build home.

The successor to the existing Help to Buy (Scotland) scheme will focus on affordable homes, with eligible buyers receiving an equity loan towards the purchase price of a new-build home. Support for small developers will also continue, following on from the success of the Small Developers scheme which was launched in January.

The new funding, alongside the Help to Buy scheme, will have invested around half a billion pounds of support into the house-building industry over a six-year period.

In a statement, the Scottish Government said it will now work with the house-building industry and lenders to discuss how the new scheme will operate.

Further details will be announced following the UK Government's spending review in November.

Social Justice Secretary Alex Neil said: "Making sure everyone in Scotland has access to good-quality housing is a vital part of the Scottish Government's drive to secure economic growth, promote social justice, strengthen communities and tackle inequality.

"By targeting resources at affordable homes, the new scheme will widen access by providing a helping hand to individuals and families who wish to buy a new-build home."

He added: "We have abolished the Right to Buy, protecting up to 15,500 social homes from sale over the next ten years, and thanks to our funding, councils are building new homes for the first time in 30 years.

"This considerable investment means that through Help to Buy and its successor, the Scottish Government will have invested around half a billion pounds over six years, providing the private sector and construction industry with a huge boost."

(JP)