Help to Buy scheme delivers 5,000 sales valued at £1bn
More than 5,000 families and first time buyers have purchased their home through the Help to Buy (Scotland) scheme, housing minister Margaret Burgess revealed yesterday.
A further 2,500 sales are expected to be completed this year through this scheme and the Help to Buy (Scotland) Small Developers scheme.
Over £305 million was allocated to the two schemes and far exceeded the original industry demand for £220m and target of 4,500 homes.
The value of the 5,000 properties sold under the scheme since November, 2013 is over £1 billion.
Help to Buy (Scotland) has been developed and delivered in partnership with Homes for Scotland and the Council of Mortgage Lenders, representing the industry and lenders. They continue to work with Ministers to monitor the schemes.
Speaking ahead of her attendance later this week at Homes for Scotland’s annual lunch, Mrs Burgess said: “Housing is, and will remain, at the heart of the Government’s ambitions to deliver a fairer and more prosperous country.
“By investing £305m in the Help to Buy (Scotland) scheme, £85m more than the house building industry originally requested, we have also stimulated the economy, created jobs and given the construction industry a huge boost.
“The 5,000 sales achieved has far exceeded the industry’s original target of 4,500 homes. This has provided thousands of families, couples and single people, including first time buyers, the help to move up or onto the property ladder.”
Liz Mallon, sales and marketing manager of City Legacy, the company responsible for marketing the Commonwealth Games Athletes’ Village properties, said: “The Commonwealth Games Athletes’ Village is a very special development which has really caught the imagination of buyers and bridges that much-needed gap for affordable living in Glasgow’s East End, just a few miles from the city centre.
“The support of the Scottish Government Help to Buy Scheme on this affordable quality private housing development has made a significant difference to the many first time buyers and families who have purchased their first new home in this unique historic housing development.”
Pete Bell, chairman and managing director of Fife-based Campion Homes, added: “We are not surprised this scheme has proved so popular. It allows first time buyers to get on the property ladder and shows just how important small and medium sized builders are to the house building industry in Scotland. We are delighted to be part of it.”