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 Wednesday, 22 October 2014, 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 per cent of all Help to Buy (Scotland) sales to date already at or below this new threshold, and an estimated 94 per cent 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, which is £55 million more than the industry’s original £220 million request. £100 million of that funding has been allocated to the 2015-16 budget.
Commenting, SNP MSP Christian 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.
“These changes along with arrangements for the Land and Buildings transaction Tax announced by the Finance Secretary recently, demonstrates the SNP’s commitment to making sure everyone in Scotland has access to good quality, affordable homes.”
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