News article 20/1/2014

(Issued 20 January 2014)

The Scottish Government today (20 Jan) issued a release detailing the progress of the Help to Buy (Scotland) scheme since its launch on 30 September 2013.

Deputy First Minister Nicola Sturgeon  also met with new homeowners Phil and Joanne MacFarlane at Dawn Homes Group, Glasgow and gave an update on the success of the £220 million shared equity scheme.

Click here to access the full release.

Homes for Scotland Chief Executive Philip Hogg said:

“With the new year leading many to consider a fresh start in a new home, the Help to Buy shared equity scheme is proving that it is possible for those buyers to realise their home owning aspirations without the difficulties caused by large deposit requirements. This is demonstrated by recent statistics which indicate that over 1000 applications have been received in just a few months since the scheme launched.

“It builds upon the success of the MI New Home 95 per cent mortgage guarantee scheme, and represents another valuable tool offered by the new build sector to assist those looking to move onto and up the housing ladder. Indeed, it has already demonstrated its ‘game changing’ impact since launch last September, acting as a positive indicator for industry recovery.

“However, there are still a number of barriers to recovery such as supply-side issues which need to be addressed if output is to increase to the levels required to meet housing need.

“We therefore look forward to working alongside the Scottish Government to address these issues and seeing the Help to Buy scheme grow further as it continues to stimulate the building of much needed new homes, supporting vital jobs, skills and apprenticeships as well as boosting the wider economy along the way.”