Government scheme to help Scots onto property ladder expanded

A scheme which sees buyers split the cost of new homes with developers and the government is to be expanded throughout the country after a pilot last year.

The project, designed to help Scots onto the property ladder, will mean house-builders being asked to take equity stakes with the Scottish Government in unsold or partially-built new homes.

The scheme was initially established to help around 100 people on low or moderate incomes to buy a new shared-equity home, the Government said.

Buyers pay 60-80 per cent of the purchase price with the remainder split equally between the Government and developer.

The 5 million scheme, known as "new supply shared equity with developers", has doubled the funds available during the trial.

Housing and communities minister Alex Neil said: "Key players from Scotland's house-building industry embraced this new scheme when it was piloted last year. That is why the Scottish Government is building on the success of the trial scheme by doubling the funding from 2.5 million to 5 million.

"We will continue to work with the housing industry to develop innovative ideas that will accelerate economic recovery, increase choice and opportunities for those looking for a home, and support Scotland's house-building industry.

"This is part of the Government's housing strategy for the long term, which we will set out in full next month."