The Scottish Government’s Help to Buy scheme has reached another important milestone, with the latest phase of the hugely successful initiative enabling more than 30 households a week to purchase a new build home.
The £195 million Help to Buy (Scotland) Affordable Home Ownership scheme opened for applications in the Spring, with the new funding specifically targeted at supporting up to 7000 buyers across the country get onto or up the housing ladder.
Since its original launch in 2013, the initiative, which currently sees the Scottish Government take an equity stake of up to 15% in new homes up to the value of £230,000, has played a significant role in assisting potential purchasers to realise their ownership aspirations, as well as helping to increase the supply of much needed homes.
Karen Campbell, Director of Policy (right) at industry body Homes for Scotland, said:
“Over 700 households have moved into their new homes since April alone with more than 8000 others supported since the scheme’s introduction. With the majority of Scots aspiring to own their own home, these latest figures highlight the demand that clearly still exists for a scheme which helps to make those dreams a reality.
“But the benefits are also much wider as every new home built supports four jobs as well as improved health and education outcomes through increased access to modern, sustainable and energy-efficient housing.”
Local Government and Housing Minister Kevin Stewart said:
“Helping people access a good quality affordable home across all tenures is a priority for this Government, and I am delighted that over 30 households each week are able to own their home through our Help to Buy (Scotland) Affordable New Homes and Small Developers schemes.
“Since 2007, we have helped over 22,000 households own their own home through our shared equity schemes, like Help to Buy. This year we will invest a further £160 million to support 5,000 more households to buy a home.”
Scottish Indoor Disabled Rowing Champion Stuart Bowler (26) has recently taken advantage of Help to Buy to purchase his first home in Toryglen in Glasgow and said:
“I’ve been renting for the past six years but felt I had nothing to show for it and immediately felt right at home here at Cruden’s King’s View development when I came to look. I didn’t think I would qualify for a mortgage but Help to Buy made all the difference as I only needed a five per cent deposit.”