The Help to Buy scheme in Scotland which enables people to purchase a new-build home without a large deposit is to be extended to 2021. An extra £100million is to be invested in affordable new-build homes helping 18,000 to become home owners.
The scheme is open to both new and existing home owners and will provide up to 15% of the price of a home. The builder must be registered with the scheme. The lowest average purchase price for Scotland was in Orkney at £151,000.
Kevin Stewart,Housing Minister in the Scottish Government said:
“Since we introduced Help to Buy, the scheme has not only helped thousands of buyers into new homes – it has supported around 9,000 jobs.
“A third of the annual £50 million budget – £18 million – will be reserved for sales from SME builders, who were particularly affected by the drop in development finance after the financial crisis.
“We know house builders still see Scotland as a place to continue to develop and invest, with the latest figures showing new house completions grew by 5% over the last year.
“Housing is about more than bricks and mortar – we want to provide safe, warm homes, help create a fairer Scotland, and preserve a diverse and more resilient construction sector.”
More Homes Scotland is also aiming to increase the diversity and supply of homes in Scotland available both to rent and buy.
This includes bringing back into circulation empty dwellings. Orkney has the highest rate of empty homes in Scotland and has a dedicated Empty Homes Officer: Orkney’s Empty Homes Officer Sets to Work