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Extension to Scotland’s Help to Buy Scheme

A scheme that helps people purchase a new-build home in Scotland without the need for a large deposit is to be extended beyond 2019. 

The Scottish Government has announced that from April 2019 a further £100 million will be invested over two years in the Help to Buy (Scotland) scheme, which is expected to help around 4,000 households to purchase a new home.

“Since we introduced Help to Buy, the scheme has not only helped thousands of buyers into new homes - it has supported around 9,000 jobs,” commented Housing Minister Kevin Stewart. “A third of the annual £50 million budget – £18 million – will be reserved for sales from SME builders, who were particularly affected by the drop in development finance after the financial crisis.”

“We know house builders still see Scotland as a place to continue to develop and invest, with the latest figures showing new house completions grew by 5% over the last year,” he said. “Housing is about more than bricks and mortar – we want to provide safe, warm homes, help create a fairer Scotland, and preserve a diverse and more resilient construction sector.”

“This additional funding will provide our member companies with the certainty that they need to invest in and open up new sites and expand the number of homes available to new purchasers,” added Nicola Barclay, Chief Executive of Homes for Scotland. “Crucially, just as the scheme’s extension will ensure even more people can buy a home, it will also ease pressure in other parts of the housing market as people move into home ownership from socially rented homes and come off council house waiting lists.”

Contact Us

For expert legal advice on buying or selling property in Scotland then contact our specialist property lawyers today.

 

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