North East MSP Christian Allard has welcomed the Scottish Government’s announcement of changes to Help to Buy (Scotland) which will support more people get onto or move up the property ladder.
As of now the shared equity scheme will only apply to homes worth up to £250,000, rather than the current maximum of £400,000.
This change will ensure that more people can benefit from available funding and help to target funding at lower income families and first time buyers.
With 85 percent of all Help to Buy (Scotland) sales to date already at or below this new threshold, and an estimated 94 percent of sales having been to first time buyers, most new build houses will not be affected by the changes.
Demand for the scheme has been high with Ministers allocating £275 million to the scheme to date.
Mr Allard said:“This is fantastic news for first time buyers and people who otherwise wouldn’t be able to afford to buy a new build home. It is particularly useful here in the North East where there are many areas with higher than average house prices.
“The Scottish Government delivering changes to the Help to Buy (Scotland) scheme has opened up the housing market to thousands of house buyers. Buying a new Barrat Home in places like Inverurie will be a more realistic target for many.”