The SNP Government’s Help to Buy scheme has reached another milestone with the latest phase 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 new funding specifically targeted at supporting another 7,000 families across Scotland to get onto or up the housing ladder.
Since its original launch in 2013, the initiative, in which the SNP Government take an equity stake of up to 15% in new homes valued at £230,000 or less, has played a significant role in assisting potential purchasers to realise their ownership aspirations, as well as increasing the supply of much needed homes and boosting construction employment.
Karen Campbell, director of policy at industry body Homes for Scotland said:
“Over 700 households have moved into their new homes since April alone. With the majority of Scots aspiring to own their own home, these figures highlight the demand for a scheme which helps make those dreams a reality.”
Added Kenneth Gibson:
“The benefits spread much further, 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.
“This year the SNP Government will invest a further £160 million to enable more households to buy a home.”
Scottish Indoor Disabled Rowing Champion Stuart Bowler (26) recently took advantage of Help to Buy to purchase his first home said:
“I’ve been renting for the past six years and felt I had nothing to show for it. I didn’t think I would qualify for a mortgage but Help to Buy made all the difference as I only needed a 5% deposit.”