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NewsArticle-23-02-2011

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HFS calls for mortgage guarantee scheme as latest stats show ongoing falls in overall housing production

As the Scottish Government’s latest housing statistics continue to show falls in the total number of new homes both started and completed over the last four quarters1, home building industry body Homes for Scotland reiterated its plea to the country’s politicians for Scotland to help itself in improving the availability of mortgage finance and to prioritise the issue in their forthcoming election manifestos.

Chief Executive Jonathan Fair (right) said:

“The aspiration of Scots for home ownership has actually increased significantly despite the economic backdrop of the last three years2 but, with lending still severely restricted and now at its lowest levels for over a decade, the constrained mortgage market remains the single biggest obstacle to recovery in the housing sector.

“Whilst the UK Government has failed to tackle the problem, we in Scotland have the opportunity to develop new ways of assisting those looking to purchase a new home. As well as helping to alleviate pressure on housing waiting lists, it would also allow a number of other policy objectives to be achieved at the same time by creating vital jobs and apprenticeships and addressing the green agenda.

“We therefore call on the next elected Scottish Government to introduce a Mortgage Indemnity Guarantee scheme3 for both new and second-hand properties. This would be a pivotal move in kick-starting the development of new mortgage products and attracting external investment with very little public assistance.”

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