Housing scheme builds on foundations in cash boost

FUNDING for an affordable housing scheme is to be doubled by the Scottish Government.

Ministers gave 2.5 million to a pilot scheme last year to assist around 100 people on low or moderate incomes to buy a new shared-equity home.

Now Housing Minister Alex Neil has announced the scheme will be expanded in a drive to boost housebuilders and help first-time buyers get a foot on the property ladder.

The scheme, which involves unsold or partially-built new homes, will see buyers pay 60-80 per cent of the purchase price with the remainder split equally between the Scottish Government and the developer.

Mr 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 to 5m.

"We will continue to work to develop innovative ideas for those looking for a home and support Scotland's house-building industry."