WIREDGOV

Small Developers scheme to continue.

A Scottish Government scheme to help people move up and onto the property ladder is nearly fully subscribed due to a bumper level of sales reservations.

The Help to Buy (Scotland) scheme will accept new applications up until midnight on Tuesday 26 May and sales will take place up until February 2016.

However, the Help to Buy (Scotland) Small Developers scheme, with £30 million funding, will continue to take applications until further notice.

Over £305 million of Scottish Government funding has been allocated to the two schemes and over 7,500 sales are expected to be completed by the end of this financial year.

The Help to Buy scheme was developed in partnership with the housing and lending industries.

Housing Minister Mrs Burgess said:

“The Scottish Government has invested hundreds of millions of pounds to support home buyers and that has given the private sector and construction industry a huge boost.

“Participating builders have been informed that the main Help to Buy scheme is nearly fully subscribed and we are giving seven days’ notice to allow final applications to the scheme.

“I am pleased sales have far exceeded the industry’s original target of 4,500 and given people across the country the opportunity to buy a new build home which they could not otherwise have afforded.

“We will continue to engage with the house building industry to consider what further support might be required in future.”

Notes To Editors

Under Help to Buy (Scotland), the Scottish Government takes an equity stake of between 10% and 20% of the value of the property which can be repaid at any time. The amount to be repaid is based on the value of the property at the time of the repayment.

More information about Help to Buy (Scotland) and other schemes for buyers is available at: www.gov.scot/htb.