Industry body Homes for Scotland (HFS) today expressed frustration on behalf of its members at news that the Scottish Government’s hugely successful Help to Buy (Scotland) shared equity scheme for larger home builders has almost exhausted the budget for its final 2015/16 year of funding.

The organisation’s reaction comes less than a week after the Scottish Government published figures demonstrating that demand for the scheme has already resulted in 5000 sales worth £1 billion.

HFS Chief Executive Philip Hogg (right) said:

“The Help to Buy (Scotland) scheme has been a real game-changer for our industry, stimulating the construction of much needed new housing following the 40% plus drop in building witnessed since the downturn and creating vital jobs.

“However, it has been clear for many months that the budget was insufficient to meet demand.  

“With no details or firm commitment on any future support forthcoming, buyers and builders here are now at significant disadvantage to those south of the border and face months of uncertainty whilst the Scottish Government decides whether or not to launch a successor scheme.

“This is the worst possible outcome, threatening any industry recovery that may be underway with the implications for jobs that this brings.

“We therefore call on the Scottish Government to follow the lead of the Welsh Government which has pledged to extend its Help to Buy scheme without committing a budget and make its intentions clear in order that people have the confidence they need to buy a new home and businesses have the predictability they require to invest in skills and resources.”