Readers of previous blogs know I have been very critical of the Scottish Governments approach to the property market. I was very pleased however to hear more details of its plans to spend £195m over the next three years on a successor to the existing Help to Buy (Scotland) Scheme. The scheme will focus on affordable homes with eligible buyers receiving an equity loan towards the purchase price of a new build home. The Scottish Government will work with the house building industry and lenders to agree on how the new scheme will operate. I believe this is a very positive move and should be welcomed.
I would urge the Scottish Government to go further and roll out the scheme to assist first time buyers purchasing non new build properties up to a certain value. Not only would this fulfil the Scottish Government’s pledges in relation to improving Scotland’s housing stock by encouraging people to buy low end properties, it would also be a welcome boost to the housing market and would have huge social and economic benefits. I will continue to press the Scottish Government to look at this type of scheme.